In addition to out-of-date estate plans, the quality of these plans must be questioned, as some family business owners don’t take advantage of strategies to reduce estate, gift, and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.