Review three basic conversations you should have as you begin to develop your estate plan. #EstatePlanning101 #NationalSmallBusinessWeek
Two things people avoid talking about are death and money. Combining the two is estate planning—the process of arranging for the management and disposal of a person’s estate while minimizing gift, estate, generation skipping transfer, and income tax. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses.
Conversations about estate planning, though difficult, provide clarity and prevent conflicts. If you are a business owner, there are three estate planning conversations you need to have.
Click here to read the article: Estate Planning Actions For The Small Business Owner