On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, December 21, 2018.
As a business owner, you have a lot to think about. It is easy to become so focused on your company that you forget to plan for your family members. When you take the time to think about what they might go through when you pass away, you can see why you need to do something now to help them then.
Your family can turn to your estate plan when you die. This blueprint lays out who will get what and how your estate will be divided. You can use a trust for similar purposes, or you can list assets and heirs in a will. It is imperative that you think carefully about which assets will use which method. You can’t include one asset in both.
We know that you might have some other considerations that you need to think about. One of these might be what will happen to your business. Planning for this can shore up what your family has to count on when you pass away.
As you are creating your estate plan, don’t forget to think about what you want to happen during your final days if you aren’t able to speak up for yourself. This is done using a living will and power of attorney. You should include the appropriate instructions and determine who is going to make decisions for you once you no longer are able.
Thinking about what goals you have for your family and company can help you to determine what you are going to do. We can help you ensure that you have things set up properly.