Russ Alan Prince writes on Forbes about the pervasive lack of up to date estate plans for business owners and the negative implications of that. His article begins as follows:
As long as there are estate taxes, as long as there are intergenerational considerations, and as long as there are interconnected business interests, there will be a need for estate planning. Business owners are looking to achieve a certain agenda and do so in as tax-efficient a manner as possible. However, it’s important to keep in mind that taxes are not the tail that should wag the dog.
According to Anthony J. Carone, managing member of the specialty law firm Carone & Associates, “Basic estate planning employing such strategies and financial products as credit-shelter trusts and traditional life insurance is far from complicated and sufficient for many business owners. However, for more complicated situations there are many more sophisticated strategies available including self-canceling installment notes, granter retained annuity trusts, and remainder purchase marital trusts.”
Read the full post at Most Business Owners Do Not Have Up-To-Date Estate Plans, But They Should.