Owning a business means wearing a variety of hats and making a seemingly endless variety of choices. From research and development, branding and design, sales and marketing, many options must be considered, and decisions must be made on a daily basis. One of the best decisions you can make for your small business is including it in your estate plan.
In the event of your death, will your business be sold? If so, how will its assets be distributed? Will your business pass to other family members? What happens if a lengthy illness or life-changing disability strikes? Too many business owners overlook considering these questions and including the answers in their estate plan when doing so can help make your vision for your company clear. The business you’ve worked so hard to build deserves to have its future clearly spelled out.
Start by deciding if your business should be closed, sold, or inherited by one or more family members. Also, if your business has a co-owner, they have some say and their wishes should be considered when creating a buy-sell agreement. A succession plan – which includes an estate plan – prepares you and everyone involved for all future possibilities. Some of the important issues you can cover in an estate plan are:
- A basic will
- Life insurance
- Disability insurance
- Planning for any tax consequences
- Creating a formal buy-sell agreement
- Formalizing a comprehensive estate plan
For business owners, creating an estate plan that covers all contingencies involves a plethora of moving parts. Business estate planning now means your personal and business preferences are followed later. It benefits you, your family, your business, and your business partners. Now is the time to schedule a consultation with the estate planning and business law attorneys at Grissom Law, LLC. Call us today. Our experience gives you an edge. Our expertise gives you peace of mind.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.