Having an estate plan is one of the best things you can do for your family to ensure your wishes are carried out in the future. However, estate planning is not a one-and-done type of deal. Because if it’s not updated regularly when your wealth, family status, or laws change. Then your plan will be meaningless - it can create its own set of problems that can leave your family worse off than if you’d never created a plan at all.
One of the most exciting parts of owning a business is paying your own hard work. And yet, some business owners don't pay themselves or rely on inconsistent income to avoid owing taxes. But the right way to pay yourself from your business depends on the type of entity structure you use to establish your company. That's why entrepreneurs are advised to structure their business as an LLC. In this way, you can protect yourself from debts and lawsuits related to your company and save on taxes.
Most people don't spend much thinking about planning their estate. Some may rationalize that it's complicated or it takes too much time and effort. But having an estate plan is the best investment that can pay major dividends to your family, especially in the event of your death or incapacitation. It may not be easy as you think, but the benefit you gain from keeping it in place is peace of mind knowing your loved ones will be provided and cared for no matter what happens to you.