Pub. 2 2012 Issue 1

9 T his year’s focus on the present may possibly be at the expense of the future . The problem with estate planning is that the future may be here all too soon. The legacy you eventually want to pass on to your loved ones in the “distant” future can be greatly impacted by the long-term provisions you make—or don’t make—this coming year. Now is a good time to spend a few moments realisti- cally refocusing on your future estate. The Human Equation of Estate Planning By nature, business owners are entrepreneurs. They’re an optimistic breed—comfortable with risk, con- fidently able to figure things out, and skilled at building something significant. Historically, they have seen op- portunities and seized the ones that made sense. These same traits can be applied to proper estate planning. And yet, many business owners, frustrated by the last year or so, may have accepted several assumptions about their estates that are likely false , and put estate planning on the back burner. Let’s take a look at some of those assumptions: ™ My estate will never be as large as it was two or three years ago. In all likelihood, that estate may actually be larger for the simple reason that, as a suc- cessful auto dealer, you rise to a challenge. Time and nature are on your side. So, as part of this exercise, Q legacy for the future — continued on page 10 Legacy for the Future BY MIKE MCCRUMB , REGIONAL MARKETING MANAGER, FEDERATED INSURANCE COMPANIES For many dealers, this has been a year of regrouping. Like many business owners caught up managing the demands of the present, you may have moved back your time line for any succession planning thinking, “Let’s handle today and tomorrow; then we can worry about the future.”