If asked to be a trustee, anyone, unless previously experienced in this field would not know what the responsibilities are. How much work is involved? What is the time frame? Do I need to prepare tax returns and handle accounts? Can I get help? When do my responsibilities end?
As a small business owner, you have worked incredibly hard to make your business a success. What began as an idea is now, due to your vision and hard work, a successful business.
Does anyone have a crystal ball that I could borrow? Wouldn’t it be nice to know what our future looks like, so we could be better prepared—but on the other hand, maybe not?
If you haven’t checked your estate plan in recent years, now may be the time.
The SECURE Act (Setting Every Community Up for Retirement Enhancement, H.R. 1994) is still working through the Senate, after passing the House in May.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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