Three questions to answer about your estate before the end of 2016
At Cauthorn Nohr & Owen we want to be able to protect clients in a wide variety of circumstances. We recommend checking a few items off your list in 2016 to ease into 2017.
Are the guardians you selected for your children still the right ones? Things can change in an instant. You need someone who has experience with children, can physically and financially support yours, and will help them make a smooth transition. The people you may have chosen years ago to watch over your children may not be the best fit today.
Did anything in your life change this year that will affect your estate? Your will should be reviewed and updated if you got a divorce; married; adopted or had children; a beneficiary, guardian or executor dies; you moved to another state; or your financial situation changed significantly.
If you own a family business, are you in compliance with current laws? Minimize risk with a careful combination of business insurances, well-drafted contracts, and formation documents. Many small businesses are “owner dependent,” with no expectation that the business will survive the owner. If this is the case for your business, you should consider legal procedures to limit liability by reducing the applicable statutes of limitations. If you intend to terminate the business at your death, you should minimize the risk for your family members, including estate tax on a business that may no longer exist after your death.
See how else Cauthorn Nohr & Owen can help wrap up 2016 so you are prepared for a prosperous new year! Call us today at 770-528-0150