On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, August 24, 2018.
You probably don’t want to think of the end of your life; however, this is something that you must consider if you have a business. When your business supports your family members, they need to know that they will still be taken care of when you pass away. This means you must ensure that you have a plan in place to meet their short-term needs, as well as one that helps keep the business afloat, so they can continue to receive that support.
Estate planning as a small business owner is a bit more complex than what other individuals will go through. You have to think about your own personal assets that need to be divided. You also have to create a succession plan for the business so that someone can step up and handle the duties that you usually take care of.
We understand that it might be hard to think about getting all of this done. Just as with any other project, it is best done one step at a time. You need to determine who is going to take your spot with the company. Discuss the matter with that person and start to work with them on the basics necessary to do the job. This doesn’t have to be formal training or anything in depth. Discussing this with them also gives the chance to find out if they have any concerns about taking the helm.
As you are thinking of your personal assets, remember that things like bank accounts are handled through the payable on death designations. These might be the answer to the short-term needs of your family members. We can help you craft a plan that takes care of them during the difficult period after your death.