Business Owners & Estate Planning
Serving Park Ridge, Des Plaines, Elk Grove Village, Cook County, and the Entire Chicago Area
One of the most neglected things that business owners do is make any provisions and or pay any attention to Estate Planning. We are consistently surprised by the high percentage of business owners who simply do not have any type of plan either for their life or death.
Many people have life insurance, but don’t take into account what would happen if they were to die and their children were not able to access the life insurance proceeds until they were 18. In the absence of a plan, the minor children would get all of the life insurance proceeds when they are 18 without any supervision.
Based on over 39 years of experience advising business owners, we have some questions and suggestions for every business owner.
- When was the last time your estate plan was reviewed by a professional? Because of the changes to the law and changes in your personal life, this should be done at least every five years.
- Changes in your family situations, such as death, incapacity, emancipation, divorce, or anything like that could significantly affect your estate plan.
- Changes in your financial situation may significantly affect your plan. Either favorable or adverse changes may have a dramatic affect on what you can or should do with your estate plan.
- Have you moved out of state or have you acquired any other real estate holdings?
- Problems with creditors, particularly in tough economic times, may significantly determine what you can or should do with your estate.
- Have you reviewed the beneficiaries of all retirement plans or profit sharing plans in the last two years?
- Has someone reviewed your life insurance plan, in particularly with respect whether the amount of life insurance is adequate to meet the needs of your family or business associates?
- What provisions have been made for the operation of your business if you become incapacitated or die?
Every business owner should recognize that their estate plan is not something you just do once in your lifetime, put in a drawer and forgotten about. There are constant changes to your business and financial condition, any of which may significantly affect your estate plan.
We strongly advise all of our business clients to regularly review their estate plan at least every five years. You should consult with experienced people whom you trust to help you evaluate your estate and help you make decisions that will protect you and your family. Contact George Bellas at firstname.lastname@example.org or 847.823.9030 Ext: 219 to discuss your unique situation and explore ways to protect your family.
Attorneys at Law
15 North Northwest Highway
Park Ridge, Illinois 60068