Business owners: do you have an estate plan?
Too many business owners make the mistake of not having an estate plan at all, and risk a lengthy probate process that may result in your wishes not being carried out as you would like.
Others think estate planning is complicated and timeconsuming, so once the plan is drafted it is never updated.
In this article, we’ll provide practical advice that addresses both situations.
Business owners who have no estate plan: Get one. Consult with one of our attorneys and put your wishes into place. Remember it is never too late or too early to get started. The process is easier than you think. Estate planning is a simple process that can give you peace of mind knowing that your wishes will be honored.
Business owners who do have an estate plan: Revisit the plan every one or two years. Your situation may change enough to warrant a revision. Keep a copy in a safe place with your other important documents.
Remember that tax laws are always changing. Be sure to consider tax codes and how they may affect your planning.
Estate planning is important for business owners. A proper plan will ensure that your wishes are carried out and any transition proceeds smoothly.
Estate taxes and gift taxes are always changing, so revisit your plan at least every two years. To create an estate plan, check on your current plan, or learn more about estate and gift taxes, contact attorney James V. Bellanca III at 313.882.1100 or email him.