With more people in California over the age of 75 accruing credit card debt and mortgages than in previous decades, it is becoming increasingly likely that you may leave debts behind for your heirs rather than assets. If you are in debt, it can be difficult to look beyond the present, but estate planning is still important at this stage. Specifically, it is important to take steps to protect your loved ones from having to pay off your creditors.
Running a family business comes with a lot of day-to-day demands. So, the owners of such companies may have their thoughts fixed on the present. However, it can be critical for such owners to also plan for the future. This includes having plans for what will happen with the business when they are no longer running it.