For many business owners, it seems like they devote more time to planning a vacation or where to eat dinner than they do deciding who will inherit their estate. Sure, estate planning isn’t as fun as booking a trip or checking out restaurant reviews, but without it, you can’t choose who gets everything that you worked so hard for.
Estate planning isn’t only for the rich. Without a plan in place, there could be a long-lasting impact on your loved ones, even if you don’t have a pricey home, large investment account or valuable art to pass on. Not convinced that estate planning is necessary? Consider these four reasons why you should have an estate plan, in order to avoid potentially devastating consequences.
The Bottom Line
Simply put: if you want your assets and your loved ones protected when you no longer can do it, you will need an estate plan. Without one, your heirs could face huge tax burdens and the courts could designate how your business and other assets assets are divided, or even who gets your children.
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C, Brian Conners, MBA, CFP® is a Certified Financial Planner and Investment Advisor Representative with NPB Financial Group, member FINRA, MSRB and SIPC, in Irvine, CA. His CA insurance licensed – #0661999. He can be contacted by email at firstname.lastname@example.org or by phone at 949-271-6433