Business Owners – Why You Need an Estate Plan
Estate planning isn’t an option, it’s a necessity. And, that’s especially true for business owners. If your business is a primary source of your family’s financial security, you need to develop a plan that will help you maintain that security—for yourself during retirement, and for your family in case anything happens to you.
Accumulating assets is a big step toward reaching this goal. But, it’s just the first step. Next, you’ll need to create a sound estate plan that will help allow you to maintain your lifestyle and provide for your family after your death.
The benefits
A well-designed estate plan can help you make the most of your money and reach your lifetime financial goals by:
- preserving and even potentially increasing your wealth through financial strategies;
- ensuring a smooth succession of your business to your heirs or desired successor;
- helping reduce your taxes both during and after your lifetime;
- helping to ensure that your assets are distributed among your beneficiaries according to your wishes;
- providing sound financial management and orderly administration in the event of your death or incapacitation; and
- providing financial security for your loved ones using life insurance.
Where there’s a will
Estate planning is a broad term that encompasses many aspects of financial planning. Your estate plan should be designed to fit your personal goals and financial situation. However, certain items are common to most estate plans.
The cornerstone of your estate plan is your Last Will and Testament. This legal document outlines your personal bequests, specifies the financial arrangements to be made upon your death for the benefit of your heirs and can be used to appoint guardians for minor children. Your will is a flexible tool that can and should be revised as your financial circumstances change. To make sure that your will is legally binding, you must consult a lawyer when writing or revising it.
Secure your future with a well-designed estate plan
In addition to drafting a will, estate planning involves several other critical steps and decisions. These may include:
- assessing the current value and nature of your assets (including business valuations);
- implementing tax-saving strategies through the proper use of gifts and trusts;*
- deciding on the best forms of property ownership;
- periodically reviewing life insurance policies; and
- naming a personal representative or executor for your estate.
Act now
Estate planning can help you reach your most valued personal and financial objectives, both during and after your lifetime. Not only will your loved ones reap the benefits in the future, but you will also enjoy greater peace of mind today. Call now for additional information and assistance in planning your estate.
* Ensure that you consult your legal and tax advisors prior to implementing an estate plan. Why You Need an Estate Plan (continued)
From: Anne E.Robinson, Financial Consultant
AXA Advisors, LLC
100 Europa Drive, Suite 599
Chapel Hill, NC 27517
919-960-2637 ext.11
The individual sending this communication is a registered representative and investment advisor representative and offers securities products and services through AXA Advisors, LLC (212-314-4600) a broker-dealer and investment advisor, (member NASD), and is an agent of AXA Network, LLC and its subsidiaries and is licensed to do business in NC. Registered representatives also offer variable and traditional life insurance and annuity products of The Equitable Life Assurance Society of the U.S. (NY, NY 10104) and of over 100 unaffiliated companies.
GE-23994