As a business owner, you already know the importance of protecting your personal and business assets and commodities. Did you know that as a business owner you can use estate planning to protect your business interests and to protect your family?
Your business probably comprises the bulk of your income. Take steps now to ensure your company survives and stays profitable following your demise. An estate plan helps protect your wealth and allows your loved ones to inherit it with a minimal amount of interference from the state of Georgia. For example, a buy-sell agreement gives potential new owners or co-owners the opportunity to purchase your interest in your business in the event of a serious illness, impending retirement, or upon your death.
As a business owner, you also have the option of creating a living trust. Establishing a living trust means you no longer own your business. Instead, it transfers into a trust account and you designate a successor. This successor becomes the new owner of the business. Unless you become incapacitated or pass away, you might choose to continue managing your company as usual.
Estate planning allows you to designate how and to whom your interest in your company transfers when you are no longer able to manage it. In addition to leaving clear directions for your business, and eliminating familial confusion, an estate plan also protects your family by helping cover the cost of some end-of-life expenses. If you find yourself in the position of needing to sell a portion of your business to cover end-of-life medical and living expenses and funeral costs, estate planning helps make that possible.
Without the right estate planning, the hard work you put into building your business could be in jeopardy. When you’re ready to plan for the future of your estate and the business you’ve built, call the experienced attorneys at Grissom Law, LLC. We’ll help you consider the factors above and choose the right estate plan and business succession plan.
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.