b'The SHIELD s mThe SHIELD sm BUSINESS SUCCESSIONUpcoming 2020 WPMAEXPO Presidential Sponsor & Educational Session Presenter for Business Owners IT\'S YOUR LIFE "Changes May Require a Review of Your Plans"As the holiday season approaches and we preparefor gatherings of family and friends, many of us take this as an opportunity to reflect on things that have happened in our lives over the past year. The birth of a child or grandchild, the loss of a loved one, weddings, a new job, or retirement are just a few of the changes you may have experienced. In addition to how these events impacted your personal life, have you considered how they may have affected your financial life, including your family and business succession plans? If the makeup of your family or the ownership of your business has changed recently, you may want to consider the following questions: Wills and trusts: Do your estate planning documents include all of your children and grandchildren? Do you have a new son- or daughter-in-law from whom you want to protect assets in the event of a future divorce? Do you still want to leave your estate to all of your children equally, even though one has decided to join you in your busi-ness, and the others are pursuing other interests?Buy-sell agreement: Has a co-owner retired or left your business due to death or disability? Have youchanged your succession plan to bring in another child or a key employee as a new owner in the future? Has the value of your business changed?Beneficiary designations: Do you know who is named as the beneficiary of your retirement plans and lifeinsurance policies? Do these designations still reflect your wishes and coordinate with your overall planning?Changes that occur over the years often necessitate a review of your plans. Dont inadvertently disinherit someone who was born after your documents were executed, or leave your family with less than fair value for your business interest because of an out-of-date valuation. Consult with your attorney to review your existing plan, or if you dont have one in place yet, create a new plan, to make sure your wishes are known and will be carried out when youre gone. SThis publication is intended to provide generalrecommendations regard-ing risk prevention. It is not intended to include all steps or processes necessary to adequately protect you,your business, or yourcustomers. You should always consult your personal attorney and insuranceadvisor for advice unique to you and your business.2019 Federated Mutual Insurance Company. All rights reserved.federatedinsurance.com32 www.wpma.com / Winter 2019'