Basic estate planning, including products such as credit-shelter trusts and life insurance, may be sufficient for many business owners. But in some cases, more sophisticated strategies may be needed.
A story on Forbes says more complicated situations may need strategies such as sel-canceling installment notes, granter retained annuity trusts, and remainder purchase marital trusts.
A survey of business owners showed many did not have estate plans, because the topic was too hard for them to deal with.
Nearly one-third said they didnโt think they had a need.
A quarter of those who had an estate plan had not revisited it in at least five years.
The story said all of these issues can cause problems and suggested business owners get on top of their situations and either get a plan or revise their existing plans.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
