Small business owners have their hands overflowing with issues, and they devote most of their time to matters related to the smooth running of the business. Having no time to think about other matters, they do not bother about estate planning for them.
Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
Mistakes that are usually ugly, often costly and sometimes fatal – at least to an estate plan.
Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.