Many people think that they simply don’t have enough assets to need an estate plan. You may be surprised to find out that even smaller estates may benefit from having an estate plan. In some cases even a moderate estate can suffer from only having a Will in place. If you fit into any of the following categories, you may want to consider setting up an estate plan.

You are a Business Owner

If you are a business owner then you need to consider having an estate plan. Your business will need a “business exit plan” to address what will happen to your interest in the business if you become unable to speak for yourself or pass away. This can be extremely important if you are not the sole proprietor but own the business with a partner or family.

You Own Large Life Insurance Policies

It is a common belief that life insurance policies are tax free and just pass to the beneficiary upon the death of the policy owner. While this is the case for income tax, estate tax may still be an issue. Estate tax can take a significant portion of a life insurance policy and an estate plan can protect you from that.

You fall into Federal or State Inheritance Tax Brackets

If your estate is valued above the federal or state exemption limit, you should have an estate plan.

For assistance in constructing and estate plan, contact Stano Law group today.