A plan should be reviewed periodically and after important changes.
Reasons for a review may include:
- A new owner or business partner
- A major increase or decrease in business value
- Retirement plans
- Marriage or divorce
- Births or deaths in the family
- A child joining or leaving the business
- Changes to business agreements
- Changes in tax or estate planning laws
Regular reviews can help keep personal estate planning documents and business agreements aligned.
These family-owned business estate planning FAQs address common concerns, but every family business has its own ownership structure, financial needs, and succession goals. Planning early can give owners time to consider who should manage the business, how ownership should pass, and how their estate plan should coordinate with existing business documents.
Sinclair Prosser Gasior works with individuals and families in Annapolis and surrounding Maryland communities on estate planning, business succession planning, wills, trusts, and powers of attorney. Contact the firm at (410) 573-4818 or visit Sinclair Prosser Gasior to schedule a consultation and discuss planning options for your business and estate.
