Shownotes
Fourth Quarter Push Part 2 – Finishing the Year Strong (with Estate & Business Planning)
Host: Sidney Wheelan
Sponsor: The Wheelan Law Firm, Moberly, Missouri
In this episode, we dive deep into strategies for making the most of the final quarter of the year, with a special focus on estate planning and business planning. Whether you're an entrepreneur, a business owner, or someone looking to get your personal affairs in order, this episode is packed with actionable tips to help you finish the year strong and set yourself up for success in 2025.
Key Segments:
1. Estate Planning for Q4
- Why it’s important now: Don't wait until it's too late. Major life events and tax considerations make Q4 the perfect time to update your estate plan.
- Key Steps:
- Review life changes (marriage, divorce, new assets).
- Maximize tax benefits (gifting, asset purchases).
- Ensure peace of mind for your family through updated wills, trusts, and powers of attorney.
Checklist:
- Update your trust (or set one up if you don’t have one).
- Verify proper titling of assets into the trust.
- Check beneficiary designations on all key accounts (insurance, retirement, etc.).
- Consider tax-saving opportunities like charitable donations or gifts.
2. Business Planning for a Strong Finish
- Financial Review: Evaluate income, expenses, and cash flow. Are there areas to cut costs or make strategic investments?
- Review Strategy: What goals did you set for 2024, and how do they hold up now? Adjust based on performance metrics and market shifts.
- Team & Employee Planning: Now’s the time for performance reviews, setting growth plans, and finalizing any hiring needs for the new year.
3. Aligning Estate & Business Plans
- Business Succession Planning: Who takes over if you can’t? Discuss key elements like buy-sell agreements, heirs, and leadership transitions.
- Protect Your Assets: Separate personal and business assets to avoid financial overlap. Using LLCs and trusts can offer protection and ensure smoother transitions in case of unforeseen events.
4. Setting Up for 2025
- Schedule an annual “year-end check-in” with your financial team.
- Align both estate and business goals for a strong start in 2025.
Stay Connected:
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Links Mentioned in This Episode:
Thanks for listening! If you enjoyed this episode, don’t forget to subscribe, leave a review, and share it with anyone who could use a little Q4 motivation. Let’s finish the year strong!
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