On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, July 20, 2018.
Running a business is hard work. In many cases, the business owner will work tirelessly to try to grow the company. This doesn’t leave much time for other things, but all owners should make time to ensure they have an estate plan established.
The estate plan for a business owner, especially if it is a small business of which he or she retains primary control over daily decisions, is an important document. It is likely going to contain more than just the standard will. We are here to help anyone who owns a business ensure that their wishes are clearly implied.
Making a plan for the company to continue on after you pass away can help provide security for the employees and the community. One way to do this is by making a succession plan. This outlines how control will move to the new person overseeing the decisions you currently make.
When you develop a succession plan, you need to include the person who is going to take over. The plan shouldn’t come as a shock to the person when you die. Instead, you must take the time to teach your successor what he or she needs to know to run the company. This can help ensure that the transition is as smooth as possible.
Even though a good portion of your estate plan will involve the company, you also need to make plans for your loved ones and nonbusiness assets. Your will and any trusts you establish can help to do this. We are here to help you determine what you need to include to have a comprehensive estate plan.