Estate planning is not just for older people or people who have already retired. Once someone owns a business, it is crucial to start creating an estate plan. The reason for this is to make sure that in the event of incapacity or death, your loved ones and your business are safe and secure.

As soon as you have something to give away, it’s time to do an estate plan. You could be twenty, thirty or forty years old. The estate plan will map what the business owner wants to happen with the business and all assets when he or she dies.

Before scheduling an estate plan meeting, there are a few important things to ask yourself according to this article. Who do you want to handle the business affairs? Who will take over the business? Will it be your family? Your children? A key employee? You may also choose to leave the business to one child and leave other assets to your other children. Having an idea about who you want to leave things to and what those things may be will help make the estate planning process simpler.

The business could easily be put into jeopardy if a business owner does not have estate documents in place. Some businesses do not survive to the next generation because of a lack of planning. It is very important for business owners, no matter how old, to have estate plans in place. Estate planning helps a business survive.

To learn more about estate planning, contact us today!

When someone passes away, it’s often difficult for their loved ones to take on the responsibilities of their estate while also grieving the loss of someone close to them. To make that difficult time easier on your loved ones, it’s best to be prepared and have a well-planned estate.

This article highlights 5 key estate planning questions everyone should ask themselves when they begin this process.

1. Why haven’t I created a will? If you have any assets you want to leave behind or want to specify who will raise your children if you should die, you should create a will.
2. Do I have enough life insurance? Would your spouse be able to afford your mortgage and other bills if you unexpectedly passed away? Life insurance helps provide necessary financial protection for your family in the event of your death.
3. What do I want to do with my home? Deciding now what to do with your home can ease things down the road with your survivors. Options on what you can do with it vary depending on whether you’ve paid it off or not.
4. Will anyone know how to find my key documents? Create a designated space for these documents and make sure that someone knows where to find them.
5. Who will care for your pets? Make sure your beloved pets are cared for after you pass by leaving instructions.

Want to learn more about starting the estate planning process? Contact us today!

This is about the moment when the 55-year-old, visibly healthy-looking bread winner of the family collapsed at work and was hauled off by the EMS to the emergency room and appeared to be in a coma.

It looked grim. The guy had been hit by a massive stroke. The family naturally gets into a tizzy about what will happen next are in a panic. The people are work wondered what would come of them and the business.

But there was this “envelope” that he had told his chief assistant, his wife and his oldest son about. They grabbed the “envelope”. It had his living will and advanced directives in there. There was a sheet of paper containing all his account numbers for every kind of retirement and bank account, C.D., life insurance and disability insurance information and his agent’s cell phone number. All his personal user names and passwords for every credit card account and even the information to be able to access his social media accounts like F.B., LinkedIn and Twitter. His attorney information was in there too, but the family knew who that was because every two years they all sat together for an hour to make sure was known about the plan in place. The attorney had set up everything right. The main people at work knew that they were going to stick with the company because they had all agreed to a succession plan that rewarded them for sticking with the family while the disposition of the business was decided. Everybody would still get paid this Friday, just like normal. You see, this person was prepared for the unexpected and wanted all his teammates and family to be fine and move forward if something happened to him.

Now they all felt worried and concerned about their boss, father, brother and husband, but there was no wondering what would happen. They could just sit by his side as the doctors worked their hardest to produce a miracle for the patient.

As miracles would have it, three weeks later the lucky man was back at work and they had not missed a beat. They had not applied to work at other places and every teammate seemed more loyal than ever having survived the scare. But they also admired their boss for taking such good care of them.

This is what we all should have prepared for ourselves. A personal note. My best friend had his super-healthy 82 years old dad die several years ago. This is how well-prepared his dad was. It was smooth. Also, the tax savings due to the professional handling by his estate tax and financial plan was amazing.

Not like my dad, who died suddenly at age 53 without a will. Or, my mom who died having exhausted all her life’s wealth on long-term care. I love them both, that was not what they intended to do. My mom and dad were loving, dedicated parents and they were heroes to me. They were as smart as anybody and lived a life of great intentions. But, it happened the way it happened.

I am proud to be prepared because of what I learned.

Jeff Annis

Many people make the mistake of assuming that a written will is all they need for their estate plan. Unfortunately, the truth is you can’t rely solely on a will to tie up all of your loose ends when you’re gone. While it is essential, a will simply isn’t enough.

This article is one in a series from Forbes contributor Bob Carlson that highlights the most frequent mistakes people make when planning their estate. The first mistake most people make? Relying only on a will.

“A complete estate plan includes key documents that might be needed before your passing, such as a power of attorney and advanced medical directive,” Carlson writes. “These documents empower one or more people to make decisions and take actions regarding your assets or medical care when you aren’t able to.”

Another thing to consider when planning your estate are trusts, which are very flexible and can protect your assets while maintaining privacy. Trusts, according to Carlson, often surpass wills as key documents in estate plans.

It’s easy to procrastinate planning your estate, but it can become an issue in the case of a sudden health crisis. Don’t wait until it’s too late – contact us today to get on the right track with your estate planning.

We thought this video was too funny not to share and thought some of our clients might just relate!