Family businesses are a major component of the economy and they are currently responsible for more than 70% global production. These family run businesses represent principle creators of private wealth. This article discusses how many of the family businesses operating in the United States do not have updated estate plans. Not having an updated estate plan is a big mistake for anyone wishing to transfer their business to their children or loved ones. It is extremely important to not only have an updated estate plan, but it also needs to be a quality plan put together with the assistance of a competent professional estate planner.
See Russ Alan Prince, Most Family Business Owners Should Update Their Estate Plans, Forbes, September 15, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
