On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Monday, September 18, 2017.
Your estate plan is something that your family members might count on to try to handle your assets when you are gone. If you have a business that includes a partner, you should work with your business partner when you develop your estate plan. We recently discussed why this is so important.
One thing that you need to think carefully about is what your loved ones might do with your share of the business. You need to make sure that you have someone who is responsible to handle things for you.
When it comes to your business partner, you should make sure that he or she knows what to expect if you pass away. Imagine the shock that would come from finding out that you passed away and then learning that there isn’t anything in your estate plan to protect the business that you and the partner have worked so hard to get going.
We understand that you might not know exactly what you need to include in an estate plan to make sure that your business and your family members are taken care of. We are here to help you look into the situation and figure out how to make your wishes known.
You also have to think about your personal assets when you develop your estate plan, so don’t forget about those. You should also include information about what you want to happen with your medical care and your finances if you can’t make decisions on your own. This will give you a good base upon which to build a solid estate plan.