Estate Planning 

couple meeting with representative 

Most small business owners have a considerable portion of their net worth tied up in their business. “What happens if the business owner dies” is of paramount importance.

There are a number of tasks that need to be accomplished but a few of the early tasks will likely include the state of your business, business succession considerations, an analysis of your current estate and your family’s future needs, as well as your goals and objectives.

Assess Your Estate

The first step in understanding the potential implications of the federal estate tax is to review the major items that may comprise your estate.

  • Personal assets.
  • Right to future income (deferred compensation, retirement plans).
  • Business interests.

Collect the appropriate documentation involving current and/or future income, property ownership, insurance, and any legal arrangements already in place.

Life Insurance

Without a doubt, it’s important to have enough life insurance coverage to handle the financial contingencies that may affect your family in the event of your death.

A needs analysis approach incorporates an evaluation of what may be defined as a family’s most important financial obligations and goals and may include:

  • Mortgage debt
  • College expenses
  • Continuing income for your family
  • Estate taxes
  • Existing resources

The information contained on this website is not intended to be used as a basis for legal or tax advice. In specific cases, the parties involved must always seek out and rely upon the counsel of their own attorneys.

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