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Why Business Owners Should Update their Estate Plans

Jun 02 2015

Written by Jason C. Henbest, Esq. and Brittany Saxton

Within the span of five years, various life changing events have the potential to occur--from birth, to death, to marriage, to divorce. Five years in the grand expanse of life may not seem all that extensive. But for business owners who have failed to update or establish an estate plan, five years is five years too long.

Most business owners yearn to achieve an annual fiscal objective in the most tax-efficient manner. The popular business focus on spending and saving also sheds light on the importance of estate taxes. As long as estate taxes and interconnected business interests exist, so will the essential role of estate planning. For many business owners, an estate plan means having a Will. For others, the topic of estate planning is an impending threat, with unwelcome topics such as death and the potential failure of the business. However, fear should not impede on important business decisions, such as the wise move of validating a proper estate plan.

An updated estate plan is important for any business owner to keep up to date with tax laws. Business owners who, at minimum, have a Will claimed to be wealthier since the creation of their estate plan. For any business owner, feeling richly reassured about the future of the business is just as important as fiscal prosperity. To affirm that the future of your business stands on solid ground, all owners should familiarize themselves with proper estate plans. In order to confirm that the future of your business is on firm legal standing, contact your local Ocean County lawyer.