Estate Planning Awareness Month: Planning for Peace of Mind

October is National Estate Planning Awareness Month. Having an estate plan helps to ensure that your wishes for your estate are carried out if you become incapacitated or pass away. 

What happens if you don’t have a plan?

Without a plan, your state could determine who receives your assets and how much will go to them. Children may receive their share when they reach the age of majority, regardless of whether they are prepared to handle it. A court could decide who is best suited to raise your children. 

What about your business?

Statistics show that less than one third of family businesses survive from the first to the second generation, and even fewer (13%) survive another transition to the third.¹ Without an identified buyer and negotiated terms for a sale in a buy-sell agreement, your family could end up selling the business for pennies on the dollar.

What can you do?

An attorney who specializes in estate and business succession can discuss a wide range of planning options and help you develop a plan that best fits your needs. 

Talk to your Federated^® marketing representative for a referral to a member of Federated’s network of independent attorneys to learn more.

Baron, Josh and Lachenauer, Rob. Do Most Family Businesses Really Fail by the Third Generation? Harvard Business Review. Accessed 9/20/2024. https://hbr.org/2021/07/do-most-family-businesses-really-fail-by-the-third-generation. 

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This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.