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 [...]