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Three Critical Estate Planning Considerations for Business Owners

Creating a business presents many challenges. While you are likely worried about day-to-day financial issues including printing payroll and collecting on unpaid debts, there are several other critical factors that you should consider like estate planning.  If your business is part of your estate plan, you should focus on how to best protect the business’s legacy as well as how to make sure that your family and loved ones are financially secure.  Without adequate estate planning, there is no guarantee that you wishes will be carried out. To make sure that your goals are fully achieved, it can be helpful to retain the services of a knowledgeable estate planning lawyer.  Make Sure You Cover the Basics Regardless of the size of your business, it is important to have several critical estate planning documents, which include: A healthcare power of attorney to appoint an individual to make healthcare decisions for you in case you become incapacitated A financial power of attorney to appoint someone to handle your finances in case you are incapacitated A will that expresses how your assets should be distributed following your death Before creating an estate plan for your business, you should make sure that you have [...]

2019-12-28T19:33:53+00:00Tags: , |

Estate Planning for Small Business Owners

With advancing technology increasingly at the fingertips of every person in the country, more and more people are opening their own businesses. While owning a business offers the advantage of creative freedom and growth, business owners often also feel the pain of financial stress much more substantially. Because there are a number of complex decisions to make, and often a number of people dependent on them to make the appropriate decisions, it is critical that business owners have adequate estate planning tools in place. The following will outline some of the important issues that a business owner should be prepared to discuss with his or her estate planning attorney. Control and Management Issues It is important for business owners to take longevity into consideration by making sure that estate plans describe exactly how ownership will be controlled. If there are numerous issues involved, it is critical to have a written agreement that covers some of the unique situations that can occur within a particular business. An experienced estate planning attorney can help you create documents that will effectively control any plans that you might have concerning your business. Complications with Family and Workers Even if no potential family member or [...]

2019-03-03T22:59:11+00:00Tags: , , |

Estate Planning for Small Business Owners

Estate planning methods offer significant benefits for all business owners. By establishing a strong estate plan, a person can safeguard not just a business, but employees and potential heirs, as well. This article will review some of the most important elements about how estate planning applies to people who own businesses. Create a Will Wills that are properly written help provide strong directions about how assets associated with a business should be managed or distributed when the business owner dies. Revocable Trusts Revocable trusts are much more complicated wills and allow an entity to hold assets for the business owner while they are alive. A business owner need not die for a trust to become effective. Instead, a designated party can also assume management of a trust if the business owner or trust creator becomes incapacitated. A revocable trust facilitates the transfer of assets, which helps to avoid extended legal proceedings as well as expenses that are commonly associated with legal cases. Power of Attorney Documents Powers of attorney allow a designated representative to make medical decisions on a business owner’s behalf in case he or she becomes unable to make decisions. Financial powers of attorney are important and let [...]

2018-01-15T14:30:30+00:00Tags: , , |