Setting up a plan to ensure your loved ones will receive ownership of your business, or at least be able to receive the monetary value of your business, after you have died is an important concern that every successful California business owner should handle. Fortunately, by creating a business succession plan, the owners of companies can organize a way for their heirs to gain appropriate ownership and control of their businesses in the event of an unexpected death.
Everyone goes through many periods of transition in their lives. In fact, you might feel like an entirely different person compared to who you were three years ago. That feeling could be the result of a death in the family, a marriage, a new child, a new grandchild or any other number of reasons.
Without detailed knowledge of California estate planning laws and strategies, those who are planning their family's estates could run into serious problems -- problems that are so severe that they could ruin their estate plans completely. Here are a few things people forget when planning their estates that could destroy their estate plans:
It’s hard enough that you had to deal with your husband’s death, making funeral arrangements and greeting relatives during your time of grief. You’re a widow now, and as overwhelming as it may seem, you must carry on with your life. That will include getting your finances in order and updating your estate plan.