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Estate Planning Guide and Checklist for 2024

Key takeaways.

Common estate planning documents are wills, trusts, powers of attorney, and living wills.
Everyone can benefit from having a will, no matter how small their estate or simple their wishes.
Online estate planning services offer basic packages for less than $200.
Estate planning attorneys can cost several hundred dollars per hour.
Estate plans must be updated after significant life events.

Why you can trust us

Our Reviews Team consists of trained lawyers who have spent hundreds of hours researching estate planning and using the services we recommend. We only recommend services we find to be helpful and accurate. To develop our reviews and guidance, we:

Spent 300 hours researching and using online estate planning services
Consulted with legal experts, probate attorneys, and financial planners to learn the best practices in estate planning
Went behind the paywall to gain firsthand experience with five of the top online will creation services to review and compare them with each other
Read hundreds of customer reviews on trusted third-party websites, such as Better Business Bureau (BBB) and Trustpilot

What is estate planning?

Organizing your affairs in preparation for the end of your life is an important task, and estate planning is an ongoing process that includes much more than writing a will. This type of planning helps determine who can make decisions on your behalf, who takes care of your dependents, and how to avoid unnecessary taxes and waiting periods.

Estate planning covers any decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies.

The biggest benefit of estate planning is peace of mind—you’ll know your wishes will be fulfilled for the benefit of your loved ones. At the very least, everyone should have a simple estate plan in place.

Elements of estate planning

Most of this process consists of creating and finalizing estate planning documents, such as wills, trusts, powers of attorney, and living wills. You can be as detailed as you want. Some people even include a letter of instruction with their estate to walk their family members through the documents.

A will, formally called a “ last will and testament ,” is a legal document stating how you want your executor (the person legally obligated to administer your estate) to distribute your assets when you die.

Dying without a will is known as dying “intestate,” which means state law will dictate what happens with your estate.

Probate refers to the process of distributing your estate after you’ve died. Your estate will go through the probate process whether you die with or without a will, but having a will ensures your executor honors your wishes. Going through probate court without a will is more time consuming and expensive, with the money coming out of your estate first.

If you already know where you want your assets to go, it’s easy to make a will without a lawyer . Online will services offer interactive questionnaires to help you create a legally binding will specific to your state.

A trust is a legal contract that allows another person (the “trustee”) to hold property for you (the “grantor”). This is typically so the beneficiaries (individuals or institutions who stand to inherit something) can use the property at some point in the future. You can place money, physical assets, or anything else of value in a trust.

Trusts are also helpful to hold property when beneficiaries are minor children who are not yet fit to handle their full inheritance. In that situation, the property will stay in the trust until the beneficiaries reach a certain age.

Property is also distributed faster in a trust because you avoid a lengthy probate court process, so it’s sometimes preferred for that reason.

Living trust vs. testamentary trust

You can create a living trust , also called an inter vivos trust, to hold property both before and after your death.

A testamentary trust is a type of trust that a will creates, so it only becomes effective after the grantor’s death.

The difference between these two kinds of trusts is that a living trust is effective while the grantor is alive, and a testamentary trust only becomes effective after the grantor’s death.

Revocable vs. irrevocable living trusts

A revocable living trust is one where the grantor retains the right to modify, amend, revoke, or terminate the trust. In an irrevocable living trust, the grantor is not allowed to make changes to the trust, but some states may allow the trustee to transfer property in and out of an irrevocable trust with permission from the trust’s beneficiaries.

A revocable trust becomes irrevocable when the grantor dies, since they can no longer make changes to it. Some people choose to place their assets in a revocable trust rather than only using a will. Upon the grantor’s death, the executor distributes assets in a trust faster because they don’t have to go through probate.

Helpful hint: Trusts are not just for wealthy people. Anyone who wants their property to go to their relatives in a quick and easy manner can create a trust. For example, parents of young children may put property in a trust specifically designated to fund a child’s education.

Power of attorney

Power of attorney (POA) refers to the authority you give someone else to make legal, financial, or medical decisions on your behalf. These documents are commonly included in online estate planning service packages.

The person to whom you grant power of attorney is called your “agent.” You identify this person in a document that only takes effect when you are considered unable to act on your own behalf, or you can grant someone POA for a specific purpose, such as purchasing a vehicle for you.

If you become unable to manage your own legal or financial affairs and you have not designated an agent to act on your behalf, a court may appoint one for you. Each state has its own laws on POAs, but the general types to be aware of include (but are not limited to) durable, limited, and financial.

A durable power of attorney means your agent can continue to act on your behalf even when your situation changes, such as if you become ill and are unable to make decisions. It can grant broad authority or be restricted to a specific purpose.

Helpful hint: Some states allow “springing” durable POAs, which means the POA only takes effect when you are deemed incapacitated. This is useful if you don’t want to give someone else decision-making authority right away, but want protection if you ever need someone to advocate on your behalf.

A limited power of attorney gives the agent authority to make decisions for a specific purpose, or for a limited period of time. In contrast, a general POA gives the agent broad authority to act.

A financial power of attorney gives the agent authority to manage your financial affairs. You can make this effective immediately or at the time of an event, like a sudden incapacitating illness or death.

Health care decisions

Health care is one of the most common aspects of estate planning. You want someone you trust to help ensure your wishes are respected if you become unable to advocate for yourself. Living wills, health care proxies, and advance health care directives are tools you can use to protect yourself in the future.

Living wills

A living will states your preferences regarding health care planning, such as whether you want life-extending treatment, how you want to manage long-term care, what procedures you do or do not want, and other end-of-life matters.

Health care proxies

A health care proxy is a durable POA specifically for medical treatment—you appoint someone to make decisions on your behalf when you are deemed unable to do so by a medical professional.

Advance health care directives

Advance directives is an umbrella term that can refer to any document regarding future medical decision-making. It can refer to a living will, health care proxy, or other legal document.

One document to include with your advance directive is a HIPAA authorization. HIPAA stands for Health Insurance Portability and Accountability Act (1996). 1 This federal law protects your medical records by requiring a signed authorization form before you grant access to someone other than yourself. Having a signed authorization for your agent ensures they can access your medical records when the directive takes effect.

Tax planning documents

Taxes can take an alarming percentage of what you leave to your beneficiaries, but you can limit what taxes your estate pays in a few ways. Each state has its own tax laws, so your obligation will depend on where you live. While financial and tax planners are best equipped to advise you on these matters, you should consider a few types of taxes when organizing your affairs: estate, inheritance, and gift taxes.

According to the IRS, an estate tax applies to estates valued more than a certain threshold at the time of death. 2 You calculate the tax by:

Adding the fair market value of everything a person owns
Taking out deductions
Adding the value of gifts made during the person’s lifetime
Taking out any credits

If the estate value is above $13.61 million (as of 2024), the estate pays a tax to the federal government.

Inheritance tax

Only six states impose inheritance taxes:

Pennsylvania

While estate taxes are owed to the federal government, inheritance taxes are owed to the state government. Additionally, while estate taxes are paid directly from the estate itself, inheritance taxes are paid by the heir or beneficiaries based on what they received in probate.

These taxes do not apply to surviving spouses or to payouts from life insurance policies. Instead, inheritance taxes usually only apply to more distant relatives and heirs. It’s unlikely this tax affects you, but it’s good to be aware of it if you live in one of the six states that apply it.

Many people choose to make gifts during their lifetime to reduce the value of their estate when they die. According to the IRS, gifting can take different forms : selling something for less than its full value, transferring the right to use income from property, or transferring money or property without expecting to receive the full value in return. 3 Usually, the person giving the gift owes the tax, but other arrangements are possible with the advice of a tax professional.

Estate planning checklist 2024

The best way to approach estate planning for the first time is to make a checklist for yourself. Everyone has unique needs, and an estate planning attorney may be helpful if your needs are complex. Before making the choice whether to hire an attorney or do it yourself, these are general steps you can take to get started.

☐ Take an inventory

Write down everything you own of value that you can think of. This may seem overwhelming, but keeping a running list of assets is worth the time to make sure nothing important is left out. Make sure to consider both tangible and intangible assets. Tangible assets are:

Other physical items of value

Intangible assets are:

Bank accounts
Retirement accounts, like 401(k)s or IRAs
Life insurance plans
Financial elements, like bonds or annuities
Other nonphysical items

Listing liabilities, like mortgages, lines of credit, and other debt, is a good idea as well. That’s because certain debts must be paid—even after death. In that case, it will come out of your estate.

☐ List your family members

The purpose of listing your family members is to account for the needs of immediate family and dependents. Your will and life insurance policies are the primary ways to plan for the needs of your surviving spouse and make guardianship designations for children and other dependents. Many people also make arrangements for pets.

☐ Choose which directives you want in place

The more you plan ahead, the fewer decisions you’ll have to make during an already stressful time. The tools discussed in this article (such as living wills, powers of attorney, and trusts) make navigating illness and other end-of-life matters easier because you’ll have a plan for most scenarios. Decide which tools you want in place and how to set them up.

Once you know which directives you want to include in your life plan, talk to anyone you are considering naming as an agent. You’ll want to be sure they are willing to act if needed. You should also consider naming secondary agents if the first person is unavailable when the directive takes effect.

☐ Designate your beneficiaries

A beneficiary is a person or institution inheriting a piece of your estate, such as money, physical property, or control of or interest in a business.

You should name your beneficiaries on your bank accounts, retirement accounts, and life insurance policies. If you name beneficiaries to those accounts in your will, make sure the names match to avoid any confusion.

Choose backup beneficiaries for your assets if a person is unavailable or dies before your estate distribution. You can also name a beneficiary in a “residuary” clause in your will. This person will inherit anything left over after your estate distribution.

Helpful hint: This is a good time to check the named beneficiaries on all of your accounts to make sure they are updated. For example, if you are married for the second time, and your first spouse is still named as a beneficiary of a bank account, you can change it to your current spouse to avoid conflict in the future.

☐ Look up your state’s laws

States have different laws regarding what happens when a person dies. To ensure you have optimal asset protection, check your state’s probate and estate or inheritance tax laws . If you believe an estate or inheritance tax may apply in your state, contact a professional to help you reduce your tax burden as much as possible.

☐ Choose a law firm or online service

Now that you have a clear picture of your estate and who should receive it, you can decide whether an online estate planning service is right for you.

If you aren’t leaving behind any dependents and you have a good idea of how you want to distribute your estate, you can easily find an online legal service to get you started with estate planning documents and help you create a will online. Many services include living wills and POAs, as well as the option for attorney advice.

If you have dependents who will need care after you’ve died, you want to disinherit a family member, or you’re generally having trouble deciding how to divide your estate, you have two options. The first is to use an online estate planning service and opt for the package that includes attorney assistance. Services will typically charge an annual fee to have access to an attorney. Still, this fee is likely to be less than paying for a private attorney.

Our top choices for estate planning services offer basic will packages starting at $39.99. But you can get a package that includes attorney assistance, as well as additional estate planning documents, for around $249. Estate planning attorneys will either offer services for a flat fee or charge several hundred dollars per hour to work with you.

If you have more complex needs, you may want to contact a law firm specializing in estate administration and planning. Many attorneys offer free consultations to help you find the best fit.

After estate planning

Once you’ve finalized all the necessary documents and the originals are in one safe space, remember to keep them updated.

We spoke with Tim Hurban , Esq., an estate planning attorney licensed in Georgia and Michigan with more than 12 years of experience, about how often and when you should update your estate planning documents. He advised “updating your will and other estate planning documents . . . based on individual circumstances and life events.” Specifically, Hurban told us you should review and update these documents in situations such as changes in:

Family structure (marriage, divorce, children, grandchildren)
Assets and liabilities (property, business, financial circumstances)
Laws (tax, inheritance)
Personal wishes
Health care preferences

Typically you should revisit your estate plans every three to five years—even without major life changes. If you create your documents using an online will maker service, many services offer free, unlimited changes for at least the first 30 days after purchase. With services that offer a membership, you’ll generally be able to make unlimited updates to your estate documents, so long as you pay the monthly or annual subscription. The Reviews Team chose Trust & Will as the “Editor’s Pick” in our roundup of the best online will makers of 2024 because of their helpful guidance and ongoing updates, a service that costs $199.99.

You can supplement the benefits of estate planning by using other tools to plan for your future. NCOA’s Age Well Planner gives personalized guidance on financial, health, and other decisions.

Frequently asked questions

Estate planning is not only about your peace of mind—it gives your loved ones guidance on how to move forward after you’re gone. It also plans for the care of individuals or animals who depend on you. Effective estate planning can also minimize the tax burden and probate costs that would typically deplete your estate.

The biggest mistake you can make in estate planning is failing to have a plan at all. A simple will is better than no plan—even if your situation is complicated. Other common mistakes are not properly executing estate planning documents, not providing for future care of dependents, and not expressing wishes for end-of-life care.

Not necessarily. Many small or straightforward estates can be managed using a low-cost online service. These services sometimes provide the option of consulting with an attorney for an additional fee. For very large or complex estates, consulting a specialized attorney or tax professional is a good idea.

Absolutely not! Everyone benefits from estate planning. In fact, failing to plan can lead to lengthy court processes and high probate fees, which affect small estates to a greater degree than large ones. Planning ahead allows your loved ones to keep as much of your estate as possible by avoiding unnecessary costs or taxes.

Have questions about this review? Email us at [email protected] .

Centers for Disease Control and Prevention. Health Insurance Portability and Accountability Act of 1996 (HIPAA). Found on the internet at https://www.cdc.gov/phlp/publications/topic/hipaa.html
IRS.gov. Estate Tax. Found on the internet at https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
IRS.gov. Frequently Asked Questions on Gift Taxes. Found on the internet at https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

More From Forbes

New updates issued on student loan forgiveness credit during save plan forbearance.

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WASHINGTON, DC - JUNE 30: U.S. President Joe Biden is joined by Education Secretary Miguel Cardona ... [+] (L) speaks on his student loan forgiveness plan at the White House on June 30, 2023 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

The Education Department unveiled some important updates to published guidance for borrowers pursuing student loan forgiveness who are being impacted by the ongoing SAVE plan forbearance .

SAVE, which stands for Saving on a Valuable Education, is a new income-driven repayment program launched by the Biden administration last fall. The plan has several significant benefits including reduced payments, a subsidy that prevents loan balances from ballooning due to interest, and eventual student loan forgiveness. But this spring, after millions of borrowers had already enrolled in SAVE or were converted from REPAYE, its predecessor plan, two groups of Republican-led states filed legal challenges seeking to block the program.

Earlier this month, the 8th Circuit Court of Appeals issued a sweeping injunction that halts implementation of the SAVE plan. As a result of the court order, the Education Department has put millions of borrowers into a forbearance, and temporarily has stopped processing IDR applications, leaving many Americans in limbo as the litigation continues.

Here are the latest updates, and what borrowers need to know about IDR, PSLF, and student loan forgiveness as the SAVE plan forbearance continues.

How The SAVE Plan Forbearance Works For Those Pursuing Student Loan Forgiveness

During the SAVE plan forbearance, covered borrowers will not have to make payments on their student loans. In addition, no interest will accrue, so their balances will not grow.

But the time spent in the forbearance will not count toward student loan forgiveness under IDR plans, or for Public Service Loan Forgiveness. PSLF is a separate program that permits student loan forgiveness in as little as 10 years for borrowers who are employed full-time for qualifying nonprofit or government organizations, although most borrowers need to be in an IDR plan in order to make qualifying payments. PSLF is not being challenged as part of the SAVE plan litigation, but borrowers pursuing PSLF may be impacted, as the forbearance effectively pauses student loan forgiveness progress .

New Password Hacking Warning For Gmail, Facebook And Amazon Users

Today’s nyt mini crossword clues and answers for wednesday, august 28th, microsoft update leak—good news revealed for 30% of windows users, new guidance narrows idr options for those looking to switch plans to resume loan forgiveness progress.

Previously, the Education Department had indicated that borrowers in the SAVE plan forbearance could switch to a different IDR plan to maintain progress toward loan forgiveness under IDR and PSLF. The department had said that any of the other IDR plans would be available, if borrowers qualify.

However, the updated guidance issued on Monday provides a more complicated picture of alternative IDR options. “Borrowers may apply for the following income-driven repayment (IDR) plans: SAVE (previously known as REPAYE) and Income-Based Repayment (IBR),” says the guidance.

Previously, the department had indicated that borrowers could also apply for Income-Contingent Repayment or Pay-As-You-Earn, but the new guidance restricts access to those plans.

“Borrowers should note that under the court’s injunction, no new enrollments are being accepted for the PAYE or ICR Plans, with two exceptions: borrowers who applied for the PAYE or ICR Plan before July 1, 2024, and borrowers who applied for the PAYE or ICR plan between July 18 and August 9, if approved for that plan, and borrowers with a consolidation loan that repaid a parent PLUS loan can continue to enroll in the ICR Plan (but not the PAYE Plan),” says the department.

By way of background, PAYE and ICR were supposed to be phased out for new borrowers starting on July 1 under the SAVE plan regulations. But the 8th Circuit’s actions scrambled those rules. The court issued a temporary stay on July 18, then broadened that stay into a more sweeping injunction on August 9. The Education Department appears to be allowing new enrollments in PAYE and ICR for those who applied during the administrative stay period, but not after the court enacted the injunction.

Complications Remain For Switching IDR Plans, Says Updated Student Loan Forgiveness Guidance

As a practical matter, borrowers applying for IDR plans or looking to switch should be aware of several important considerations:

First, the online IDR application remains down. Borrowers can apply via a paper application, but “Borrowers should also note that, as result of the injunction, servicers have temporarily paused processing of IDR applications until we can ensure applications are processed correctly,” says the updated guidance. “Borrowers should expect a lengthy delay in processing of applications, especially for borrowers applying for SAVE/REPAYE. We do not currently have an estimate of how long this will take.”

In addition, as long as SAVE remains blocked, borrowers can apply for SAVE, but they won’t be permitted to actually enroll unless the injunction is lifted. “Borrowers are still permitted to apply for IDR plans, including SAVE (previously known as REPAYE), even though the court has enjoined some of the SAVE and other IDR plan provisions,” says the department. But, “once applications are processed, borrowers who are enrolled in the SAVE Plan may be placed in a general forbearance if litigation remains ongoing or servicers cannot calculate payments at the amounts required by court orders. In this general forbearance, interest will not accrue, and time spent in this general forbearance will not count toward PSLF or IDR forgiveness.”

Taken together, the new guidance effectively means that for many borrowers, the only real option to switch from SAVE to another IDR plan is Income-Based Repayment, also known as IBR. IBR can be a much more expensive plan than SAVE, and also has a partial financial hardship requirement that may prevent some borrowers with higher incomes from enrolling.

“We encourage borrowers to review the specifics of each IDR plan as borrowers make the best choices for their circumstances,” says the department’s new guidance. “For example, if a borrower enrolls in IBR and then moves to a different repayment plan, accrued and unpaid interest will capitalize.”

Processing Forbearance Could Be A Workaround For Borrowers Close To Student Loan Forgiveness

In its new guidance, the Education Department makes a distinction between a “general forbearance” and a “processing forbearance:”

A general forbearance can be for a variety of circumstances, and is the type of forbearance being imposed on borrowers enrolled in, or applying to, the SAVE plan. Time spent in the general forbearance does not count toward student loan forgiveness under IDR or PSLF.
A processing forbearance is a type of forbearance that is briefly imposed on borrowers while certain applications, such as for IDR plans, are processed. Under new regulations enacted last year, a processing forbearance can count toward loan forgiveness under IDR or PSLF, albeit for a limited time.

“If servicers need time to process a borrower’s IDR application, servicers will move the borrower into a processing forbearance for up to 60 days,” says the updated Education Department guidance. “Interest accrues during this short-term processing forbearance, and it is eligible for PSLF and IDR for up to 60 days.”

This means that borrowers applying for an IDR plan, or seeking to switch from SAVE to IBR, could be placed into a processing forbearance for a month or two. While interest will accrue during that time period, it will count toward loan forgiveness under IDR and PSLF. This may not matter for many borrowers, but for those who are very close to their loan forgiveness threshold under either IDR or PSLF, that extra month or two could be enough to get them over the edge.

But there’s a significant caveat. “If the borrower’s application is not processed within in 60 days, the borrower will be moved into a general forbearance that does not count toward PSLF or IDR until their application is processed,” says the department.

The Education Department reiterated in its updated guidance that the new PSLF buyback program remains a possible workaround for those on track for student loan forgiveness under PSLF.

What Comes Next For Student Loan Forgiveness Rollercoaster

The Biden administration has appealed the 8th Circuit’s ruling to the Supreme Court . The nation’s highest court is also potentially considering a separate appeal from the 10th Circuit, which reached the opposite conclusion and allowed the SAVE plan to move forward while litigation over the program continues. The starkly different legal conclusions likely increases the chances that the Supreme Court will take up the matter — either issuing a relatively narrow decision only on the scope and effect of the injunction while the legal battles continue in the lower courts, or a broader ruling on the SAVE plan itself.

In the meantime, borrowers still face enormous uncertainty as the SAVE plan forbearance continues.

“The court order is preventing the Department from offering the SAVE Plan while litigation continues,” says the guidance. “Borrowers will be in this forbearance until the legal situation changes or servicers are able to send bills to borrowers at the appropriate monthly payment amount.”

“The terms of the SAVE Plan and other IDR plans are subject to the outcome of ongoing litigation,” warns the department — apparently referencing the fact that the 8th Circuit’s ruling called into question student loan forgiveness under other IDR plans, as well .

The recent court rulings threaten millions of borrowers “who have dutifully repaid their loans for up to 25 years by denying forgiveness that has been available under law for three decades,” said Education Secretary Miguel Cardona in a statement earlier this month. “We remain committed to supporting borrowers and fighting for the most affordable repayment options possible for millions of people across the country.”

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Imagine a symphony orchestra where each musician plays their own tune without listening to others. The result would be chaotic and dissonant, right? Similarly, in the business world, when decision-making happens in silos and planning processes are disconnected, it’s like having a group of individuals playing their own instruments without any coordination. The harmony is lost, and the organization becomes inefficient, misses opportunities, and struggles to keep up with the fast-paced market.

Integrated Business Planning (IBP) addresses these challenges by providing a comprehensive framework that integrates strategic, operational and financial planning, analysis, and reporting to drive better business outcomes. A retail company experiences a sudden surge in online sales due to a viral social media campaign. Integrated planning incorporates supply chain planning, demand planning, and demand forecasts so the company can quickly assess the impact on inventory levels, supply chain logistics, production plans, and customer service capacity. By having real-time data at their fingertips, decision-makers can adjust their strategies, allocate resources accordingly, and capitalize on the unexpected spike in demand, ensuring customer satisfaction while maximizing revenue. This blog explores the significance of IBP in today’s modern business landscape and highlights its key benefits and implementation considerations.

Integrated Business Planning (IBP) is a holistic approach that integrates strategic planning, operational planning, and financial planning within an organization. IBP brings together various functions, including sales, marketing, finance, supply chain, human resources, IT and beyond to collaborate across business units and make informed decisions that drive overall business success. The term ‘IBP’ was introduced by the management consulting firm Oliver Wight to describe an evolved version of the sales and operations planning (S&OP process) they originally developed in the early 1980s.

1. Strategic planning

Integrated Business Planning starts with strategic planning. The management team defines the organization’s long-term goals and objectives. This includes analyzing market trends, competitive forces, and customer demands to identify opportunities and threats. Strategic planning sets the direction for the entire organization and establishes the foundation for subsequent planning roadmap.

2. Operational planning

Operational planning focuses on translating strategic goals into actionable plans at the operational level. This involves breaking down the strategic objectives into specific targets and initiatives that different departments and functions need to execute.

For example, the sales department might develop a plan to enter new markets or launch new products, while the supply chain department focuses on inventory optimization and ensuring efficient logistics. The key is to align operational plans with the broader strategic objectives to ensure consistency and coherence throughout the organization.

3. Financial planning

Financial planning ensures that the organization’s strategic and operational plans are financially viable. It involves developing detailed financial projections, including revenue forecasts, expense budgets, and cash flow forecasts. By integrating financial planning with strategic and operational planning, organizations can evaluate financial profitability, identify potential gaps or risks, and make necessary adjustments to achieve financial targets.

4. Cross-functional collaboration

A fundamental aspect of IBP is the collaboration and involvement of various functions and departments within the organization. Rather than working in isolation, departments such as sales, marketing, finance, supply chain, human resources, and IT come together to share information, align objectives, and make coordinated decisions.

5. Data integration and analytics

IBP relies on the integration of data from different sources and systems. This may involve consolidating data from enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, supply chain management systems, and other relevant sources. Advanced analytics and business intelligence tools are utilized to analyze and interpret the data, uncovering insights and trends that drive informed decision-making.

6. Continuous monitoring and performance management

The Integrated Business Planning process requires continuous monitoring of performance against plans and targets. Key performance indicators (KPIs) are established to measure progress and enable proactive management. Regular performance reviews and reporting enable organizations to identify deviations, take corrective actions, and continuously improve their planning processes.

By integrating strategic, operational, and financial planning organizations can unlock the full potential of IBP and drive business success and achieve their goals.

Enhanced decision-making

IBP facilitates data-driven decision-making by providing real-time insights into various aspects of the business. By bringing together data from various departments, organizations can develop a holistic view of their operations, enabling them to make better-informed decisions.

Improved alignment

By aligning strategic objectives with operational plans and financial goals, IBP ensures that every department and employee is working towards a common vision. This alignment fosters synergy and drives cross-functional collaboration.

Agility and responsiveness

In the rapidly changing business landscape, agility is crucial. IBP allows organizations to quickly adapt to market shifts, demand fluctuations, and emerging opportunities. By continuously monitoring and adjusting plans, businesses can remain responsive and seize competitive advantages.

Optimal resource allocation

Integrated Business Planning enables organizations to optimize resource allocation across different functions. It helps identify bottlenecks, allocate resources effectively, and prioritize initiatives that yield the highest returns, leading to improved efficiency and cost savings.

Risk management

IBP facilitates proactive risk management by considering various scenarios and identifying potential risks and opportunities. By analyzing data and conducting what-if analyses, companies can develop contingency plans and mitigate risks before they materialize.

Implementing an effective IBP process requires careful planning and execution that may require substantial effort and a change of management, but the rewards are well worth it. Here are some essential strategic steps to consider:

1. Executive sponsorship

Establish leadership buy-in; gain support from top-level executives who understand the value of Integrated Business Planning and can drive the necessary organizational changes. Leadership commitment, led by CFO, is crucial for successful implementation.

2. Continuous improvement

Continuously monitor and adjust; implement mechanisms to monitor performance against plans and targets. Regularly review key performance indicators (KPIs), conduct performance analysis, and generate timely reports and dashboards. Identify deviations, take corrective actions, and continuously improve the planning processes based on feedback and insights.

3. Integration of people and technology

To foster cross-functional collaboration, the organization must identify key stakeholders, break down silos, and encourage open communication among departments. Creating a collaborative culture that values information sharing and collective decision-making is essential.

Simultaneously, implementing a robust data integration system, encompassing ERP, CRM, and supply chain management systems, ensures seamless data flow and real-time updates. User-friendly interfaces, data governance, and training provide the necessary technological support. Combining these efforts cultivates an environment of collaboration and data-driven decision-making, boosting operational efficiency and competitiveness.

4. Technology

Implement advanced analytics and business intelligence solutions to streamline and automate the planning process and assist decision-making capabilities. These solutions provide comprehensive functionality, data integration capabilities, scenario planning and modeling, and real-time reporting.

From a tech perspective, organizations need advanced software solutions and systems that facilitate seamless data integration and collaboration to support IBP. Here are some key components that contribute to the success of integrated business planning:

1. Corporate performance management

A platform that serves as the backbone of integrated business planning by integrating data from different departments and functions. It enables a centralized repository of information and provides real-time visibility into the entire business.

2. Business intelligence (BI) tools

Business intelligence tools play a vital role in analyzing and visualizing integrated data from multiple sources. These tools provide comprehensive insights into key metrics and help identify trends, patterns, and opportunities. By leveraging BI tools, decision-makers can quickly evaluate financial performance, make data-driven business decisions and increase forecast accuracy.

3. Collaborative planning and forecasting solutions

Collaborative planning and forecasting solutions enable cross-functional teams to work together in creating and refining plans. These planning solutions facilitate real-time collaboration, allowing stakeholders to contribute their expertise and insights. With end-to-end visibility, organizations can ensure that plans are comprehensive, accurate, and aligned with business strategy.

4. Data integration and automation

To ensure seamless data integration, organizations need to invest in data integration and automation tools. These tools enable the extraction, transformation, and loading (ETL) of data from various sources. Automation streamlines data processes reduces manual effort and minimizes the risk of errors or data discrepancies.

5. Cloud-based solutions

Cloud computing offers scalability, flexibility, and accessibility, making it an ideal choice for integrated business planning. Cloud-based solutions provide a centralized platform where teams can access data, collaborate, and make real-time updates from anywhere, at any time. The cloud also offers data security, disaster recovery, and cost efficiencies compared to on-premises infrastructure.

6. Data governance and security

As organizations integrate data from multiple sources, maintaining data governance and security becomes crucial. Establishing data governance policies and ensuring compliance with data protection regulations are vital steps in maintaining data integrity and safeguarding sensitive information. Implementing robust data security measures, such as encryption and access controls, helps protect against data breaches and unauthorized access.

IBM Planning Analytics is a highly scalable and flexible solution for Integrated Business Planning. It supports and strengthens the five pillars discussed above, empowering organizations to achieve their strategic goals and make better data-driven decisions. With its AI- infused advanced analytics and modeling capabilities, IBM Planning Analytics allows organizations to integrate strategic, operational, and financial planning seamlessly. The solution enables cross-functional collaboration by providing a centralized platform where teams from various departments can collaborate, share insights, and align their plans. IBM Planning Analytics also offers powerful data integration capabilities, allowing organizations to consolidate data from multiple sources and systems, providing a holistic view of the business. The solutions’s robust embedded AI predictive analytics uses internal and external data and machine learning to provide accurate demand forecasts. IBM Planning Analytics supports continuous monitoring and performance management by providing real-time reporting, dashboards, and key performance indicators (KPIs) that enable organizations to track progress and take proactive actions. As the business landscape continues to evolve, embracing Integrated Business Planning is no longer an option but a necessity for organizations. To succeed in this dynamic environment, businesses need an integrated approach to planning that brings all the departments and data together, creating a symphony of collaboration and coordination.

Learn more about IBM Planning Analytics

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Russia is signaling it could take out the West's internet and GPS. There's no good backup plan.

Russia is likely mapping underwater internet cables, a NATO official said.
The country is also believed to be behind flight GPS interference.
It's signaling it could wreak havoc with the West's electronic infrastructure, experts say.

Dmitry Medvedev, the deputy chairman of Russia's Security Council, issued a stark warning in June.

The undersea cables that enable global communications had become a legitimate target for Russia, he said.

Medvedev's warning came after Nord Stream 2, a pipeline that transfers gas from Russia to Germany, was blown up. Russian officials believed the West had been involved in the attack. (Recent reports suggest Ukraine was actually behind the attack .)

"If we proceed from the proven complicity of Western countries in blowing up the Nord Streams, then we have no constraints - even moral - left to prevent us from destroying the ocean floor cable communications of our enemies," Medvedev posted on Telegram.

Medvedev, a close ally of Russian President Vladimir Putin, has a long history of making incendiary claims.

But some analysts say this wasn't just another idle threat.

A serious warning

The vast network of undersea fiber-optic cables that transfer data between continents is indeed vulnerable to hostile powers, including Russia, the Center for Strategic and International Studies warned in a report this month.

In May, NATO's intelligence chief David Cattler warned that Russia may be planning to target the cables in retribution for the West's support for Ukraine in its war against Russia.

It's a scenario that has NATO's planners increasingly worried.

If the cables are seriously damaged or disabled, swaths of the internet services we take for granted and that our economies rely on, including calls, financial transactions, and streaming, would be wiped out.

The threat to GPS

Security analysts say that the internet is not the only network that Russia is probing for vulnerabilities.

In recent months, Russia has been accused of interfering with GPS navigation systems, causing havoc on commercial airline routes. As a result, flights from Helsinki to Tartu, Estonia, ground to a halt for a month in April.

Melanie Garson, an international security expert at University College London, said it was part of Russia's "gray zone" campaign against the West, which involves covert actions that fall below the threshold of open warfare.

"Russia has long been developing this capability and it is currently a cheap and effective way of malicious gray-zone interference," said Garson.

"As we increase our reliance on connectivity and space data in everything from agriculture to food delivery, disrupting national and economic security through interfering with subsea cables and GPS becomes increasingly effective," she added.

Russia puts the West 'on notice'

For decades, the world has depended on data carried by underwater cables that run for thousands of miles. In the early 20th century, the cables carried telegraph signals and later telephone calls.

Robert Dover, a professor of international security at Hull University in the UK, said the cables have long been seen as potential military targets, and both the US and USSR surveilled them during the height of the Cold War.

As the world has become more dependent on the internet, the cables have become increasingly vital. The cables now span around 745,000 miles and are responsible for transmitting 95% of international data.

"The growth in electronic communications has made the undersea cables — vital for international communications, the internet, finance, and so on — a point of vulnerability for nations who use them extensively and for those who don't publicly have an obvious fallback position," Dover said.

Similarly, GPS signals are increasingly vital to the airline industry. They are used to safely guide planes to their destinations and land them.

Planes do have backup navigation systems in the event that GPS fails, but Baltic officials are warning that disrupted GPS signals can still put planes in danger.

During its war with Ukraine, Russia has enhanced its already sophisticated electronic-warfare capabilities, enabling it to remotely scramble the GPS coordinates used to guide missiles and drones.

That's already affected commercial-aviation GPS in Eastern and Northern Europe. Some analysts believe that Russia is sending a signal to the West.

"The targeting of civil-aviation GPS is a means by which to undermine the surety of Western publics in aviation, in particular, and shows the reliance on satellite platforms for ordinary citizens to navigate around," Dover said.

"It also puts governments on notice about the political risks of mass transit accidents that have a plausibly deniable cause."

A backup plan is urgently needed, says expert

Foreign Policy reported in June that NATO has begun taking more action to safeguard undersea cables, setting up a system that would automatically warn of attempted interference.

But Garson said it's not enough, and more government fallback plans are needed in case the systems fail entirely.

"Countries need to not only take measures to protect but also to make sure that the communications system is resilient, e.g., with robust alternatives," Garson said.

She said satellites transmitting GPS data often lack safeguards against attempted interference, while the task of protecting undersea cables often falls on the private companies that own and maintain them.

"It's key to visualize these strategic futures and have a clear resilience plan that accounts for potential systemic risk and to keep countries operational if key comms infrastructure is compromised," Garson said.

In its report this month , the CSIS called for the US to increase international cooperation to coordinate a response to a potential attack on cables.

It said that the current legal and international framework for undersea-cable sabotage was "complex and fragmented, with different international legal regimes determining responsibility and punishment."

"When cables are sabotaged in international waters, there is no regime to hold the perpetrator accountable," it said.

Watch: A report says Starlink terminals are being used in Russia after Putin and Musk deny it

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Business Plan Proposal

my company name is mars cafe that is located in ethiopia addis ababa

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Business Plan Guidelines

Businesses and the people who manage them couldn’t last very long in their field if they simply went with the flow. Even in the best weather, the corporate world is under a turbulent current that will take you to a roller coaster ride of fluctuating sales and unpredictable market behavior. These factors, as harmless as they may seem to you, can already crush your business into a dead, parched pulp. You may also see how to create a business plan ?

11+ Small Business Investment Agreement Examples
9+ Advertising and Marketing Business Plan Examples

To keep this from happening, businesses develop a plan that will keep them rooted to the very reason why they’ve entered the market in the first place. It will serve as their blueprint to organize their team’s goals and objectives , in line with the company’s mission and vision.

Business Plan Example

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Business Plan Outline

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Business Plan Format

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How to Write a Business Plan

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What Is a Business Plan?

Business plans, contrary to what you may have forethought, doesn’t only come in fancy stationery with the company’s logo and the signature of very important people. On the contrary, in its simplest form, a simple business plan can start as a business idea written down on a piece of scratch pad. They can be random thoughts and perceptions scribbled on an available clean surface.

These unremarkable concepts, when developed, can already be the beginning of a scheme that can revolutionize the company’s whole legacy.

Business plans state what you want to achieve, and how you general plan to achieve it. It helps you recognize the resources that are at your disposal, and their ability to help you get to the finish line you have created yourself. In other words, business plans are innately strategic. They help its owner make the best out of the meager assets that he has, to be able to make more assets for the future.

Sadly, most businessmen think that they only need a business plan for the process of starting a business, or for applying for loans. But the purpose that these proposals serve extends far wider than that. Businesses need them during the whole time that they run their business. It needs to be maintained and updated as new opportunities come to the company. Without business plans, keeping track of it all will be near impossible. You may also see business plan outline with examples .

Business plans only take the form of official documents when they need to be reproduced for the benefit of other people in the company who can make use of the idea as well, and since these forms will be considered official company records, they will have to be subjected to rules and guidelines to make them look professional. There are specific parts and elements it will have to possess before it can be considered an official business plan .

Business Plan for New Businesses

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Successful Business Plan Elements

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Financial Planning for Business Plans

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Guidelines in Creating a Business Plan

As aforementioned, your basic business plan will have to contain specific parts and elements to be considered official. This would mean that even if your plan was simply a product of a passing thought, you will have to elaborate on it. When successfully done, you will have in your possession a full-fledged extensive business plan ready for implementing. Here are the core elements that business plans normally include:

1. Executive Summary.

Most potential investors can only give you about 5 minutes of their time before they completely lose interest in what you have to say, and this behavior can already tell you about the importance of this specific part. Executive summaries are what your audience will read first. It is more than just an introduction, it is an encapsulation of your business plan’s main points.

Your executive summary’s main professional goal is to provide ample information that can pique your reader’s curiosity enough to make them want to continue reading the next few pages. However, it must not be too long that your reader will get bored with it. The content of your executive summary can make a huge difference in your business plan being accepted and being rejected.

An executive summary should not exceed two pages and should include the following:

a sentence or two of explaining your endeavor,
a brief depiction your business’s best features,
other relevant background details that you are sure your audience would care to know,
marketing history of the product or service you are discussing, and
details of the nature and the proposition and ideas on where to get the funding for it.

2. Company Overview.

If the executive summary introduces the business plan, the company overview will present a short background of the company’s history, their legal structure, and ownership. It includes a summary of the problems that the company has faced, and the companies and organization it is serving. You may also see weekly plan examples .

Basically, a company overview is giving you the chance to boast about your company’s strengths. Do you have the best talents? Have you found the perfect physical locations? Did your customer feedback increase considerably? This aspect is important because the company’s identity will help the audience understand the relevance of the plan to their improvement, and their ability to implement their own plans. You may also like work plan examples .

A company overview should include the following:

company activities,
objectives,
proof of readiness for the product’s market area,
future activities or improvements,
mission statements, and
capital structure.

3. Products and Services.

This is where you will discuss the problem that you are trying to address with your business plan and the means that you are trying to develop to answer them. You may also have to discuss any product you are developing, or may develop in the future, and the technological and intellectual resources you will harness for their realization. You may also check out quality plan examples .

4. Target Market.

Your audience will have to get to know the market that you are planning to sell to. This can help you convince them that your product is, indeed, marketable. Marketing campaigns and sales assessments will also not be possible without this particular element.

Also, analyzing the market to which you fall under is vital in gaining strategies for your business’s success. Every smart businessman knows the importance of feeling along with the trends of the present-day market and the programs of their competitors. You might be interested in daily plan examples .

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5. Milestones and Metrics.

You want to show people that your business plan is more than just wishful thinking, and that you have actually thought about every aspect of how to achieve it. In this section, you will lay out concrete tasks and steps, and the people who will execute them, to help you reach your target. You may also see transition plan examples .

Your milestones and metrics should include the following:

key management positions and their primary duties;
the individuals assigned to the positions and their prior experiences that are related to their present job;
provide solutions to skill gaps that may be too noticeable to simply brush off;
recognize the future management needs that may be welcome products of company growth; and
the business’s existing structure, preferably in a diagram or a graphic presentation of some sort.

6. Management Team.

This chapter is vital for any business plan seeking for investors. (Other than that, it’s pretty much expendable.) This will include a featured telling of the bios of the people who are a part of the whole business plan (or basically the names written in the Milestones and Metrics part of the business plan ).

Essentially, it will help the readers understand why the people assigned were picked for the position. What are their qualifications and abilities that merited them the chance to be a part of the team?

Having employees with impressive backgrounds working with you can increase your business plan’s chances of being supported by investors.

7. Financial Plan.

If you are in this field, you already know how indispensable money is to a business. This means that a careful attention must be rendered to any penny that comes in and out of your hands. A financial plan is often the reason why a business fails or lasts in the cruel market. Your business plan must have solid numbers based on your estimation of how much your business will need to grow and expand.

Your financial plan should include the following:

your sales percentage over the past 3 years,
your revenue,
a comprehensible cash flow model,
financial projections, and
funding requirement.

Basic Business Plan Sample Template

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Business Plan Project Guidelines

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Surviving in the business world is difficult. Often, in the midst of all the competitors and high levels of expectations and tasks you are supposed to meet, you get winded and lose sight of your ultimate goal. That is, if you actually have an ultimate goal. A formal business plan will help you make sure of two things: first, that you don’t get winded by the many roles you are required to play, and even if you do get winded, a business plan helps you get right back on track.

Second, a business plan will help you design a goal—both short-termed and long-termed. This way, your business will always have a purpose than just simply surviving, and by having purpose, you can be assured that all your efforts and hard work are all directed toward something. A vision of becoming an organization that is greater than who you already are. You may also see importance of business plan .

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Create a study plan for final exams in high school

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[Pdf Sample] Livestock Farming Business Plan Docx

In the world of agriculture, livestock farming is a prominent and profitable venture. It involves the rearing and management of animals such as cattle, sheep, pigs, and poultry for various purposes.

Livestock Farming Business Plan Proposal Docx

To write a business plan , here is a breakdown of how it should be structured and what should be in each category. After this instruction, I will provide you with a sample of one I wrote for my farm also subsequently as we go, so, let us go:

Executive Summary

Company overview.

In this section, you will introduce Agrolearners.com and provide a brief background of your livestock farming business . Describe the mission and vision of your company, along with its core values. Explain the goals and objectives you aim to achieve through your livestock farming operations.

Market Analysis

Livestock selection.

Choose the livestock species and breeds that align with your business goals and market demand. Consider factors such as adaptability to local conditions, market value, and potential for growth and profitability. Outline the specific breeds you plan to raise and justify your choices based on market research.

Infrastructure and Facilities

Feed and nutrition.

Detail the feed and nutrition requirements for your livestock. Outline the types of feed and forage you will provide, including any additional supplements or concentrates. Highlight your approach to feed formulation , sourcing, and quality control. Emphasize the importance of a balanced diet for optimal growth and productivity .

Breeding and Genetics

Health and disease management.

Livestock health is crucial for the success of your farming business . Outline your health management practices, including vaccination schedules , deworming protocols, and disease surveillance. Emphasize the importance of biosecurity measures to prevent the introduction and spread of diseases. Establish a working relationship with a veterinarian to ensure regular health check-ups and prompt treatment when needed.

Marketing and Sales Strategy

Financial projections.

Provide a detailed financial analysis and projections for your livestock farming business . Include an income statement, cash flow statement, and balance sheet. Project your revenue streams, expenses, and profitability over a specific period. Consider factors such as initial investment, operational costs, pricing, and market demand. Use realistic assumptions and provide a sensitivity analysis to assess the financial viability of your business.

Risk Assessment and Mitigation

Here is the Download Link to a sample of the Business Plan For Livestock Farming prepared By Agrolearner.com

How do I write a business plan for Animal Farm?

Discuss your farm’s infrastructure, facilities, feed and nutrition plans, health and disease management protocols, marketing and sales strategies, and financial projections. Finally, evaluate risks, create an implementation plan, and conclude by summarizing key points and expressing confidence in the success of your animal farm .

How do I write a business plan for a cattle farm?

Discuss feed and nutrition plans, health and disease management protocols, marketing and sales strategies, and financial projections. Evaluate risks, create an implementation plan, and conclude by summarizing key points.

What is the best livestock business?

Poultry Farming: The demand for chicken and eggs is consistently high, making poultry farming a profitable venture. It requires relatively less land and can yield quick returns.

Pig Farming: Pig farming can be profitable due to the high demand for pork products. However, it requires careful management and attention to disease prevention.

Through diligent execution, collaboration with industry experts, and continuous improvement, Agrolearners.com aims to contribute to the agricultural community while achieving long-term profitability and success.