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Estate Planning Tips for Business Owners as 2021 Comes to an End

test test The last two years have presented a variety of challenges for business owners due in no small part to the COVID-19 pandemic. If you are a business owner, you have strived and painstakingly worked to create a successful business. As a result, when it comes to leaving behind your company or your assets, you understandably want to do so in the best way possible. Having a good estate plan is the best way to make sure that your goals for the future are achieved. Estate plans are not written in stone, though. As 2021 draws to an end, there are some important estate planning strategies that you should consider.  Review the Terms of Your Estate Plan Due to ongoing federal legislation developments as well as potential life events that might have occurred, your estate plan likely needs to be revised accordingly. Most recently, the Build Back Better Act was passed and requires certain estate plan updates. If you need assistance, attorney Lyon can help you review your current estate plan to assess whether your goals can be met under existing legislation or whether you will need to make modifications to achieve your goals.  Consider Your Business’s Relationship to [...]

2022-01-24T12:05:08+00:00Tags: , |

Five Factors That Influence Whether You Sell Your Business

One of the most attractive aspects of being an American is the opportunity to start a great company and then sell it for enough money that neither you nor the ones you love and care about will ever have to worry about financial issues again. Most people agree that it is a better idea and a more rewarding process to create a successful business than it is to sit back and enjoy the fruits of your labor. Regardless of how you view things, there may come a time when you wish to sell your business. If this is the case, adequate planning and estate plan implementation can make sure that you sell at exactly the right time and in a manner that makes the most out of the sale. The following are some important issues to consider if you are debating whether to sell your company as part of your estate plan.  Consider Whether You are Maximizing Your Estate Planning Options If you are debating selling your business, one of the best places to begin is by reviewing your existing estate plan in regards to whether or not you are maximizing your estate planning options. Several estate planning tools including [...]

Tips for Family Business Succession Planning

Statistics compiled by Forbes reveal that approximately 80 to 90% of businesses in the United States are either owned or controlled by families.  Other data reveals that only one third of these businesses survive into the second generation of a family and that only 10% of businesses make it to the third generation.  One of the reasons why businesses are not successfully passed between generations is lack of adequate estate planning. It is important to remember that there is simply no universal estate plan that works for every business, which is why options like online estate planning often does not work.  Instead, it is critical to carefully consider the various ways to pass ownership of a business between family members. Obtain the assistance of an experienced estate planning lawyer who can help guide you in creating the right business succession plan. The following will review some helpful tips that you should remember when creating a strong succession plan for a family-owned business.  Consider Changing the Business Structure If a business is structured as a sole proprietorship or a partnership, it is important to remember that these entities are viewed as comparable to personal assets of the owner and cannot be [...]