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Business owners need to think about estate plans

On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Thursday, November 23, 2017.

When your family members count on your business for support, there isn’t any reason why they should have to worry about what is going to happen to them when you pass away. All business owners should take the time to get an estate plan together that sets out a plan for what is going to happen when they pass away.

There are a few different points that we need to think about when we are creating your estate plan. One factor to consider is how your loved ones are going to be supported in the days immediately following your death. The probate process takes time, so we must ensure that you have something in place to help them while the process is moving forward.

Another thing we need to think about is how you can make the transfer of assets easier on everyone. Using trusts can help to get the included assets distributed how and when you want them to be. This enables you to make special conditions for the distributions. We can help you evaluate different types of trusts to determine which ones are the most appropriate for your needs. Once you make a decision, we can get the process going.

You also need to think about the tax implications of the estate. Reducing the tax burden on your loved ones is a priority in these cases. We can help you learn legal ways to do this.

We realize that you might have some questions that you need answers to before you can make decisions about what you are going to do. We are here to get you those answers and help you get your plan set.

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