Your estate plan can impact your small business
On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, September 20, 2019.
Living wills are a crucial part of the estate plan. If you have a small business, you might find that having this document in place is more critical than it is for a person who doesn’t own a company. One thing that you have to remember is that your employees will still count on your company even when you are incapacitated. The same thing is true for customers who utilize your company.
When you are creating your estate plan, you can outline the succession plan. This hands the reins of the company to someone else when you are incapacitated. Even though this is in place, you also need to think a bit more about yourself.
If you can’t make decisions for yourself, you will have to count on your family members to make health care choices for you. By setting up your living will, you can minimize the number of decisions they will have to make for you. Instead, the medical care team can turn to the document for direction.
Besides the living will, you can also appoint someone to make decisions for you if the area isn’t covered in your living will. This person is the health care power of attorney. You can also set up a similar document to appoint someone to take care of your financial manners.
You might need to discuss certain aspects of the plan with the person who will take your position over when you aren’t able to handle the duties. This can help them to know who to go to if they need guidance about matters related to the business. Ideally, you will discuss how the company should function with the person you name in each power of attorney.