Estate planning is a beneficial tool for protecting assets that you intend to leave to your loved ones in the event of death or incapacitation. Family businesses are a valuable part of those assets that concern you as well as your family and if not handled properly while constructing an estate plan, can be a huge tax burden for your loved ones. Family businesses should always be added to an estate plan and estate plans should always be updated to reflect the most recent circumstances in your life. If you are in need of an estate plan or if you need to update an existing estate plan, contacting an experienced Washington estate planning attorney is beneficial to you and to your loved ones.  

What is Estate Planning?

Estate planning is the process of anticipating and arranging for the disposal of an estate during a person’s life that help maximize the value of the estate by reducing taxes and other expenses upon death or incapacitation. In Washington, estate planning involves the managing of real and personal property as well as the distribution of such property in the event of death or incapacitation.

Why Should Family Business Owners Update Their Estate Plans?

Estate plans can become old after a few years depending on the circumstances in your life. People’s lives change such as relationships, careers, and assets; therefore, making it necessary for estate plans to be updated. Family businesses may be subjected to estate and gift taxes making it burdensome on your loved ones if not handled appropriately. According to Forbes, family businesses are responsible for more than 70 percent of global production and are one of the principal creators of private wealth. Family businesses are supposed to be for the family and therefore, makes estate planning even more invaluable to ensure it remains an asset to your family. Most family business owners should update their estate plans essentially for taxation purposes. Estate planning is crucial to the success of your family business.  

 

Need Legal Advice?

If you own a family business and are in need of an estate plan or if you need to update an existing estate plan, contacting an experienced Washington estate planning attorney is invaluable. Here at Law Offices of Dan Kellogg we ensure that your estate is distributed in accordance with your wishes, the requirements of the estate of Washington, and aided by every tax exemption available to you. Contact or call our office at (425) 227-8700 for an initial consultation.