In a perfect world, creating and implementing your estate plan would be a straightforward process. Your intended distribution of assets would meet your goals and your family would see the plan as equitable to everyone.In reality, however, developing an effective estate plan can be a challenge both emotionally and financially. For example, you may own an illiquid asset that comprises a large part of your estate, such as a closely held business or income-producing real estate.
You’ve worked long hours—month after month, year after year— to establish and grow your own family business. In fact, perhaps you’ve worked so hard that you haven’t had much time to plan either for the business’s future, or your own.But the good news is that proper estate planning can help ensure that your business is preserved for future generations and that you and your spouse live comfortably after you retire.