Estate Planning Secrets Business Owners Can't Afford to Miss

Essential Elements of Estate Planning

A comprehensive estate plan includes several key components. First, a will is essential to dictate how your assets will be distributed. Without it, state laws will determine the fate of your estate, which might not align with your wishes. Additionally, establishing a trust can provide more control over asset distribution, offering benefits such as privacy and reduced estate taxes¹.

Another crucial element is a power of attorney, which designates someone to manage your financial affairs if you're unable to do so. This ensures that your business operations can continue without disruption. A healthcare directive is equally important, outlining your medical care preferences should you become incapacitated².