Protecting yourself, your business and your family takes planning and should be reviewed as regularly as any other part of your wealth creation strategies.
The common belief that “it wont happen to me” often results in many people having a sound plan for wealth creation, but not an adequate plan to protect the very thing that generates this wealth – themselves.
How death, disability or illness affects your ability (or your family’s ability) to realise your lifestyle goals and objectives will depend on the wealth protection strategy you have in place.
Similarly with your business few have an effective mechanism in place to transfer equity and/or control if one of the owners is lost to the business due to death, total and permanent disablement or a critical illness.
In many cases the loss of a business owner from one of these events results in the demise of an otherwise viable business simply because there was no succession plan and funding agreement in place.