Episode 32

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Published on:

8th Oct 2024

4th Quarter Push Part 2 - Finishing the Year Strong (with Estate Planning & Business Planning)

Fourth Quarter Push Part 2 – Finishing the Year Strong (with Estate & Business Planning)

Host: Sidney Wheelan

Sponsor: The Wheelan Law Firm, Moberly, Missouri

In this episode, we dive deep into strategies for making the most of the final quarter of the year, with a special focus on estate planning and business planning. Whether you're an entrepreneur, a business owner, or someone looking to get your personal affairs in order, this episode is packed with actionable tips to help you finish the year strong and set yourself up for success in 2025.

Key Segments:

1. Estate Planning for Q4

  • Why it’s important now: Don't wait until it's too late. Major life events and tax considerations make Q4 the perfect time to update your estate plan.
  • Key Steps:
  • Review life changes (marriage, divorce, new assets).
  • Maximize tax benefits (gifting, asset purchases).
  • Ensure peace of mind for your family through updated wills, trusts, and powers of attorney.

Checklist:

  • Update your trust (or set one up if you don’t have one).
  • Verify proper titling of assets into the trust.
  • Check beneficiary designations on all key accounts (insurance, retirement, etc.).
  • Consider tax-saving opportunities like charitable donations or gifts.

2. Business Planning for a Strong Finish

  • Financial Review: Evaluate income, expenses, and cash flow. Are there areas to cut costs or make strategic investments?
  • Review Strategy: What goals did you set for 2024, and how do they hold up now? Adjust based on performance metrics and market shifts.
  • Team & Employee Planning: Now’s the time for performance reviews, setting growth plans, and finalizing any hiring needs for the new year.

3. Aligning Estate & Business Plans

  • Business Succession Planning: Who takes over if you can’t? Discuss key elements like buy-sell agreements, heirs, and leadership transitions.
  • Protect Your Assets: Separate personal and business assets to avoid financial overlap. Using LLCs and trusts can offer protection and ensure smoother transitions in case of unforeseen events.

4. Setting Up for 2025

  • Schedule an annual “year-end check-in” with your financial team.
  • Align both estate and business goals for a strong start in 2025.

Stay Connected:

Make sure to follow Law Days and Lattes on Facebook and Instagram for updates, community engagement, and more tips on thriving both personally and professionally.

Links Mentioned in This Episode:

Thanks for listening! If you enjoyed this episode, don’t forget to subscribe, leave a review, and share it with anyone who could use a little Q4 motivation. Let’s finish the year strong!

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WheelanLaw.com

This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law.  This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation.  This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship.  The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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About the Podcast

Law Days & Lattes
Welcome to Law Days & Lattes, a unique blend of law, business, and a warm cup of wisdom. Your host, Sidney Wheelan, is not just an attorney but also a real estate investor and entrepreneur. This podcast is your one-stop source for legal insights, business strategies, and so much more.

Whether you’re a seasoned professional, an ambitious entrepreneur, or someone seeking guidance, Law Days & Lattes is the podcast for you. We aim to empower our listeners with valuable business strategies and insights into navigating the legal landscape.

But we’re not just about law and business. We believe in living a well-rounded life, so we’ll also touch on topics related to lifestyle, finance, health, fitness, and travel. After all, a well-lived life encompasses so much more. Join us on this journey as we explore the various facets of life over a warm cup of wisdom.

www.wheelanlaw.com

About your host

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Sidney Wheelan

Sidney is a seasoned lawyer with over 25 years of experience in the field of law. Throughout her extensive career, she has worked with a wide range of clients, from individuals to businesses, providing them with high-quality legal representation and counsel. Her exceptional legal skills and dedication to her clients have earned her a reputation as a skilled negotiator and litigator.​​

In 2016, Sidney decided to take her career to the next level by opening her own practice, Wheelan Law -- specializing in personal injury, estate planning and business law. However, she understands that all cases are unique and focuses on providing personalized legal services tailored to her clients' specific needs.

​Recently, Sidney embarked on a new endeavor to renovate the vacant Merrell University building in the historic downtown area of Moberly, MO. The commercial space is now home to Wheelan Law and an assortment of other local businesses.

Sidney is known for her compassionate and client-focused approach to law. Her expertise, professionalism, and dedication to her clients have made her a highly sought-after lawyer in Mid-Missouri.