On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, January 25, 2019.
When you have a business, you have a lot riding on the decisions you make. While it is easy to become so focused on the day-to-day happenings in the company, you also need to think about the future. One aspect of this that you need to consider is what is going to happen to your company when you pass away. This isn’t something that most people might want to think about, but making these plans now can help you pass stability on to your employees and family members.
One factor that our clients need to think about is who is going to run the business when you can’t. Setting up succession plans now takes the guesswork out of this and gives you time to train the person who is going to take the helm when you are gone. We can work with you to get the paperwork set up so that this is taken care of.
You also have to determine how you will care for your family in the immediate days following your passing, as well as into the future. This can come by using a combination of methods. Your will can pass some assets along, but remember that these will go through probate. You can use trusts, which will bypass probate and can have specific criteria for the release of assets to the heirs. You can also set payable-on-death designations that allow a loved one to take control of bank accounts, investment accounts and life insurance policies when you are gone.
We are here to help you get all of these aspects of your estate plan handled. We want you to feel secure in the knowledge that you have done what you need to do to provide for those who count on you.