The creation and ongoing implementation of a Business Succession/Transition Plan coordinated with individual retirement and estate plans requires the cooperation of many advisors and experts. For larger, more complex businesses, it will typically require a combination of the following:
- Business Planning attorney for operating entities/family business
- Tax Advisors – Individual family CPA and/or CPA for operating entities/family business
- Estate Planning attorney for individual family estate plans
- Financial Advisors/Insurance Advisors
- Business & Personal Banker /Lenders
If business interests exist outside of the main family business, and are using different tax and legal advisors, they could have a role in the planning process.
How We Can Help Plan
- Act as a “Project Manager” on behalf of the family to facilitate the process, manage and track priorities, communicate progress on action items, and follow through with selected advisors & experts.
- Assist in establishing priorities.
- Review the impact of proposed strategies on your family goals and individual estate plans.
- Serve as a “second set of eyes” looking for ways to simplify and streamline, summarize the legal and tax strategies proposed, and provide additional education where desired.
- Coordinate with existing outside advisors and/or help in identifying those experts who best fit with the family business goals & values.
Estate Settlement Services
Ensure your instructions are carried out as planned. With First Bank & Trust as executor or personal representative, your beneficiaries will receive expert personal attention throughout the administration of your estate. Our administrators are the primary contact for beneficiaries, attorneys, and other parties involved. We take on all the responsibilities that come with settling an estate.
- Collecting and valuing assets
- Paying debts, expenses, and taxes
- Preparing the estate tax return
- Account administration
- Claims processing
- Periodic statements
- Deposit and wire services
- Custody of estate assets
- Collection of income (interest, dividends, rents, royalties, etc.)
- Daily investment of principal and income cash
- Distributing property according to the instructions in your will