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As a small business owner, your company is more than just a job. It's a significant part of your life and your family's future. Planning for what happens to your business and assets after you're gone is crucial. This is where estate and succession planning come into play.
What Is Estate Planning?
Estate planning involves deciding how your assets, including your business, will be managed and distributed after you pass. Without a proper plan, your family might face legal challenges, high taxes, or even the forced sale of your business! In 2025, the federal estate tax exemption is $13.99 million, but it's expected to decrease in 2026. Acting now can help you take advantage of the current exemption and protect your assets.
Key Estate Planning Tools Include:
What Is Succession Planning?
Succession planning is about preparing for the future leadership of your business. It's essential to ensure your business continues smoothly if you're no longer able to run it. The benefits of succession planning include:
Steps to Create a Succession Plan:
How can Northern Bank’s Wealth Management Partner, Asset Strategy, Help?
Estate and succession planning work together to secure your business's future and your family's well-being. Without them, your life's work could be at risk! Asset Strategy specializes in helping small business owners like you create comprehensive and tax-efficient plans tailored to your needs. Your future deserves thoughtful planning. Don’t leave it to chance — email WealthManagement@NBTC.com today and start safeguarding what matters most.
Ready to learn more? View our Business Succession Planning webinar on-demand here.
DISCLAIMER:
Because investor situations and objectives vary this information is not intended to indicate suitability or a recommendation for any individual investor. This is for informational purposes only, does not constitute individual investment advice, and should not be relied upon as tax or legal advice. Please consult the appropriate professional regarding your individual circumstance. Product guarantees are based on the claims-paying ability of the issuing company and assume compliance with the product’s benefit rules, as applicable. There are retirement account risks that could diminish investor returns, such as, but not limited to: low interest rates, market volatility, withdrawal timing and sequence of returns risk, government policy uncertainty and increased longevity. Prospective investors should perform their own due diligence carefully and review the “Risk Factors” section of any prospectus, private placement memorandum or offering circular before considering any investment. Advisory services offered through Asset Strategy Advisors, LLC (ASA), an SEC registered investment adviser. Insurance services offered through Asset Strategy Financial Group, Inc. (ASFG). CIS, ASA and ASFG are separate companies.
Products and services made available through Asset Strategy and Concorde Investment are not insured by the FDIC or any other agency in the United States and are not deposits or obligations of, nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
For over 30 years, the Asset Strategy network of companies has been providing financial wellness to individuals and families as well as corporate and non-profit retirement plans. The experienced team at Asset Strategy assists clients with managing the risk and responsibility of sponsoring retirement and investment programs and helping individuals achieve successful financial outcomes.
Running a woman-owned business is both rewarding and challenging. Beyond the daily operations, women entrepreneurs often carry unique financial responsibilities, from balancing business growth with family obligations to planning for long-term security.
Northern Bank is thrilled to announce its partnership with UMass Lowell Athletics as an official sponsor for the 2025-2026 academic year.
October is Cybersecurity Awareness Month, but every day is an opportunity to be away of cybersecurity. As technology continues to advance rapidly, so do the threats to our digital security.
Northern Bank is a full-service bank dedicated to providing practical, common sense financial solutions to help our customers live their lives and grow their businesses. From deposit products to loans to payment and collections services, we work hands-on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $3.22 billion with 12 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, and an Equal Housing Lender.
Contact us now to learn more about how Northern Bank can help you realize your goals and dreams.