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Posts tagged "Estate Planning For Business Owners"

Choose an executor based on their ability to do the duties

As a small business owner, you have a lot of people who rely on you for support. When you are creating your estate plan, you have to think about your family members, but you can't leave out your workers. It is imperative that you make plans in the estate plan that can set everyone up with what they need in the future.

Durable financial power of attorney can help entrepreneurs

Business owners have a lot to think about when it comes to the financial state of their company. One thing that they might not consider is who is going to make their financial decisions for them if they can't do it themselves. This is important since it can mean the difference between the family thriving, as well as whether the business continues on.

Business planning: What happens if you pass away?

Small business owners have a lot to think about, so having an estate plan set up might not be one of the top priorities. If you are in this position, you need to remember that you do have a duty to make sure that you are protecting the business' interests. One way that you can do this is to have a clear plan set for the company in the event you pass away. We are here to work with you to find a way to get everything in place.

Business owners need to include the company in estate planning

All adults must ensure they have a suitable estate plan that outlines what their wishes are when they pass away. There is more to think about for people who own businesses. On top of the basic estate plan components like a will, trusts, powers of attorney and living wills, there is also the need to take care of the company.

Trusts: 5 by 5 power inclusion

One of the biggest considerations when you are trying to determine how to handle your estate plan as a small business owner is determining how assets should be divided. This isn't always easy, but having a solid plan in place can help you feel more peace as you live your life. Many company owners choose to set up trusts to care for their loved ones.

Estate plans are vital for business owners

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.

Protect loved ones from business liabilities if you pass away

Many businesses are dependent upon the owner to be there for daily operations. This includes medical practices owned by the primary doctor, law firms owned by one of the attorneys and some small service-based businesses. If your company falls under this umbrella, your estate plan will play a critical role in how things are handled when you pass away.

Consider your goals when you create your estate plan

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.

Plan for your family and your company after you pass away

Taking care of your family when you pass away is a primary concern of most adults. When you own a business, you have to ensure that the business will also be taken care of. This is especially true if you want the company to provide for your family members. Your estate plan needs to address both of these areas of your life.

Parts of an estate plan can go into effect before your death

As a busy adult, you probably don't relish the thought of adding anything else to your schedule. There is one thing that you need to think about adding to it today: estate planning. It might seem as though you have plenty of time to get this done; however, you just never know when something will happen that will require parts of it to be put into effect.

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