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COVID-19 is impacting all areas of our lives. You can mitigate the impact to your family by acting now in these three areas.
Your family members may feel anxious about the state of the family business or their personal situation because of the constant change caused by the pandemic. Host a virtual family meeting to be transparent, explaining what you know and what you don’t know, and work with them to develop a roadmap out of this period.
After reviewing family values, vision, mission and goals here are some questions to answer during the meeting:
Before the meeting, you should also ask your family about questions they may have and prepare answers that help them feel supported.
The financial markets are taking a toll on personal and corporate finances. While it’s important to take a long-term approach and not make hasty decisions, there are some things that you can do now in regard to succession planning and the financial markets.
Succession planning is an important step in preparing and preserving wealth for future generations. A strategy that is often used to pass assets onto the net generation is an estate freeze. With an estate freeze, the current generation freezes or fixes their value and future growth would belong to others.
If you have been thinking about succession planning, this may be a good time to implement such a strategy.
On the other hand, if you have undertaken an estate freeze in the past and asset values are significantly impaired today, this may be a good opportunity to take action that will re-set the value of the estate freeze to today’s lower values.
When it comes to capital markets, an Investment Policy Statement (IPS) is an important document as it provides information and instruction to your investment manager as to how your money should be invested to meet your short and long-term goals and needs within your personal tolerance to risk and volatility. Once complete, an IPS will define the portfolio’s asset allocation – how the money will be invested and should be reviewed annually or when circumstances change – like now.
Business families are aware of the economic and social impact their business has in the communities they serve. Philanthropy is an effective way to demonstrate family values and to engage and educate the next generation. Bring the family together to discuss your approach to philanthropy.
Strategies and tools to help your company navigate the coronavirus crisis, stay resilient and take the next steps towards recovery.
Related Topics:COVID-19; Family; Estate Planning
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