The Importance of Estate Planning for Business Owners

As a business owner, you focus on growth, succession, and protecting what you’ve built — but don’t forget about estate planning. This key step can help safeguard your business, family, and peace of mind.

Why It Matters

Estate planning can be an important element for your business in many ways. It isn’t only for planning purposes if you become ill or unexpectedly pass away. Planning ahead can help to:

• Minimize taxes and avoid legal delays
• Ensure a smooth transition of leadership for business succession and continuity
• Appoint guardians for your children
• Clarify healthcare and financial decisions if you become unable to work

When to Update Your Plan

If you already have an estate plan, keeping it updated is essential. Review it after major life changes such as:

• Marriage, divorce, or the loss of a loved one
• Birth or adoption of a child
• Significant business or financial changes
• Moving to a new state
• Updates to tax or estate laws

Don’t Wait

Without a plan, your business and family could face unnecessary stress, delays, and costs. Acting now can give you more control to help avoid future complications. 
Talk to your Federated® marketing representative today to connect with an independent and qualified estate planning attorney. 

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This article is for general information and risk prevention only and should not be considered an offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.