Regular Estate Planning Updates Essential for Family Business Owners

An international survey of 336 middle-market family businesses recently reported in Forbes,“Most Family Business Owners Should Update Their Estate Plans,” found that more than 90% of senior executives with equity in the family business have estate plans, which is good news. Unfortunately, only 22% of these plans have been updated within the last two years, and a quarter of those have been updated within two and five years ago. Nearly half of those have not been reviewed in more than five years. That means they are likely out-of-date with changes to the law, out-of-step with changes in the family, and that their heirs are out of luck.

Most estate plans become “old” after a few years. This means that situations change, such as family relationships, business matters, and their net worth-making it prudent to review and potentially refine their estate plans.

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In addition to out-of-date estate plans, the quality of these plans must be questioned, as some family business owners don’t take advantage of strategies to reduce estate, gift, and other taxes. In some situations, there are ways to improve the financials of the business and provide economic benefits to the family at the same time.

Speak with an experienced and qualified estate planning attorney to make sure that your estate plans is up-to-date and is designed to take into account the latest advanced planning strategies.

Do You Need to Speak With an Estate Planning Attorney?

If you need to speak with an experienced estate planning lawyer, please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. Our estate planning law firm proudly serves clients throughout California from our main office in Torrance, as well as those in Redondo Beach, Manhattan Beach, Hermosa Beach, Segundo, San Pedro, and Rancho Palos Verdes.

Philip J. Kavesh

Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.

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We have been a client of the Law Firm of Kavesh, Minor & Otis for decades. Their knowledge and skill in preparing and executing Living Trust inspires confidence. We appreciate their regular update seminars and the offer of free evaluation of our estate plan every 3 years. Elaine B.

Great presentation that covers many of the common and not so common scenarios and protection options. I would definitely recommend for anyone is thinking about creating or reviewing their trust. Shaune K.

Kavesh, Minor & Otis provided a lot of initial information regarding living trusts and estate planning through their webinar. Consultation with Peter Keon helped guide me through the process, my options and create my living trust. I feel more secure knowing I have things in order. I highly recommend Kavesh, Minor & Otis to others who are considering a living trust. Tracy W.

After the passing of both my parents, father in 2018 and mother in 2020, I decided it was time for me to establish a living trust. The living trust webinar was very informative. I contacted the firm to schedule a consultation with Peter Keon. Peter was very thorough and responsive to my needs in creating a living trust. As we were still under COVID-19 limitations at the time, we were able to accomplish everything via phone conversations and email. I highly recommend Kavesh, Minor & Otis to anyone who wants to create a living trust or have a living trust that may need updating. Tracy W.

My experience was great. I signed for a webinar and later I met Peter and he answered all my questions . I highly recommend him for a consultation and planning. Maria A.

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