This week, we've been chatting with Emily Humphreys-Beher, Trust Officer with Community Bank & Trust of Florida, about estate plans.
Today, we'll finish off the series with Emily's estate planning advice for business owners and investors.
What special considerations should female business owners and investors have in an estate plan?
If you are a business owner, you have a major worry: business succession. You may wish to have key person insurance and a business succession plan ready. Even in the case of a family run business, they may need extra money to keep going during the transition. There are more complicated estate planning techniques available to you to minimize estate taxes, and you should definitely see an attorney experienced in estate planning to help you. For everyone, make sure that your Will and the way your accounts are titled are in sync. For instance, you can’t leave an account or property in joint name with right of survivorship to someone else in your Will. All of your documents and accounts need to be planned for cohesively.
As Emily advises, it is best to see a professional about your estate plan. You worked hard for your assets, take the extra time to ensure the assets are treated properly.