Your business and your family are intertwined
On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, January 26, 2018.
The one thing that is the same in every estate plan is that the person who created it put a lot of thought into who is going to get what. When you are the owner of a business, you really need to think hard about how you are going to set things up. While most people only have to think about how to benefit their family when they pass away, a business owner has to consider the future of the business. This can be a big challenge, but it is possible.
We understand that your goals for your family and your business are likely intertwined. You need to make plans for your business to continue to support your loved ones even when you aren’t at the helm of the company any longer. We can help you find out what you are going to be able to accomplish in your estate plan.
You need to remember that your estate plan is much more than just a will. The plan can include the will and trusts that make your plan clear to those who are left behind. Getting these in order can help reduce the tax liability and the chance that your estate plan is going to be held up in court.
As you create the estate plan, remember that you will still need to review it periodically. Some points, such as irrevocable trusts, can’t be changed later. This means you need to carefully consider what you are setting up if you are dealing with something that can’t be changed later.