${site.data.firmName}${SEMFirmNameAlt}
Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

More than 60 percent of business owners' estate plans are old

According to one survey, business owners are more likely to have outdated estate plans than updated ones. For many business owners in Delaware, estate plan revision could be a reliable way to reap the most benefits.

Out of the 513 business owners who were surveyed, more than 70 percent said that they at least have a will. About 12 percent of these estate plans are younger than two years old, while nearly 25 percent are between two and five years old. This means that more than 60 percent of the remaining estate plans are older than five years. According to some experts, estate plans this old are not likely to take full advantage of opportunities because of tax law changes.

Making it even more likely that these business owners' estate plans are outdated, almost 70 percent said that they have experienced life-changing events since they created the plans. These events include everything from new children and grandchildren to divorces. Additionally, more than half of business owners with estate plans say that they have become wealthier since creating them. The fewer than 30 percent of business owners who said they do not have estate plans believe that there is no need for them. However, about half of these individuals avoid estate planning because it is difficult to cope with.

While basic estate planning that involves traditional life insurance and credit-shelter trusts is not too complicated, advanced planning that requires strategies such as remainder purchase marital trusts and self-canceling installment notes is more difficult to navigate. It might be just as confusing for business owners to determine the type of estate planning strategies that best fit their circumstances. These individuals might get assistance from a lawyer.

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us