For our clients, the goal of estate and succession planning—wealth transfer planning, really—is simply passing what they have to whom they want, when they want, in the way they want, and to do so at the least possible tax and cost.BDMP Wealth Management is uniquely qualified among financial advisory firms to provide estate and succession planning for several reasons.First, the two senior advisors at BDMP Wealth Management, while no longer practicing attorneys, are legally trained and have 33 years of combined experience actively practicing law.
Second, our affiliation with Berry, Dunn, McNeil & Parker, provides significant depth in the more technical aspects of estate tax and business succession planning, including business valuation.Our Estate/Wealth Transfer Planning services include a review of current documents as well as an exploration of available strategies (both lifetime and post-mortem) to accomplish the tax-efficient transfer of wealth from one generation to the next.
We are not practicing lawyers, however, and do not draft documents. Similarly, although affiliated with an accounting firm, we work with the client's accountant of choice.Working together with our client's estate planning attorney, tax advisor, and other professional advisors, we focus on estate and wealth transfer plan design, the goals of which often include:
- Reducing or eliminating potential estate and gift taxes (and minimizing income taxes along the way)
- Increasing legacies for children and other heirs
- Philanthropic planning
- Asset protection
- Preparing children to inherit wealth
Business Succession Planning explores tax-efficient strategies to assist business owners in exiting the business. The critical question is what the business owner wants to accomplish in exiting the business. Do they wish to transition the business to the next generation or its employees or is the goal to maximize the value for sale to a third party? We will discuss different strategies depending upon the client's objective.
