Simplified Laws Guide to Taxation and Legal Concern It is difficult to digest the number of untimely deaths in the recent past; for me, it’s like every week I am hearing of one or the other sad demise of kith and kin or celebrities. Unfortunately, most of them were either breadwinners of the family or CEOs of companies.
Emotionally, the effect is the same irrespective of who died. But when it comes to finances, and succession planning, the focus must be on the breadwinners. When we hear the sad news we sympathize but immediately console ourselves that such a situation may not come to us! For that matter, I pray let such a situation does not come to anyone! Having said that, can we spare a few minutes to brainstorm on vital issues?
To simplify and compress the contents, I have summarized my thoughts into three questions. One size doesn’t fit all; so there is no readymade template for all.
Question # 1: Can my family live the way they are living now in my absence? Except for the physical loss, can my dependents get enough resources month on month with which they can continue to live the way we are living all these days? If the plans are in place, you have resolved one issue. If not, can you try to find a good solution?
Question # 2: If you are running a small or medium enterprise, can your company run the business without you? Do you have a second line that can quickly get into your shoes? Are they equipped to protect the business or continue to provide the jobs to all the long-standing employees of the company, at least for a reasonable period, say, 2 years? If the plans are not in place, can you think about emergency / temporary solutions or succession planning?
Question # 3: I am sure, the above questions are quite impactful. By now, you would have gotten into a serious reading of this short note! If the above questions have disturbed you or made you think, then the third question is to be addressed. My life is not just for my enjoyment; other souls are dependent on me like family and company. That being the case, are we taking a lot of risks, say, for example, rash driving, not going for regular health checks, bad lifestyle, excessive borrowings, etc? If so, can we course correct our life journey where ever possible from now on?
Some of you may have questions like what are the solutions? We have several options to pave the way. Those of you who are interested can discuss and brainstorm at leisure.
All of us will go one day or the other. We are tuned to come first in everything except the departure dates. Ready, steady, go! Can we have a peaceful exit, at least financially?
