On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, January 31, 2020.
As a business owner, you set standards for your employees. One way that you can help them is to let them know that you’re planning for the future of the company. This sometimes helps them to feel more stable. It also shows them a good example of how important this type of planning is.
Some people think that they don’t need to have an estate plan in place. They might assume that they are too young or too healthy to need this. The truth is that you never know when something is going to happen. Having your estate plan in place and discussing the aspects that impact the employees can help them to see that they need to have one in place.
At a minimum, your estate plan needs to have a succession plan for the company so that if you pass away, a plan is in place to have someone else take the company’s reigns. This might be the component you need to discuss with them. You don’t necessarily have to go over your personal estate plan with them.
You might consider helping your employees to create their own estate plans. This could help them to feel more secure in their own life. That might transfer over to their professional life, which could benefit your company.
Ultimately, creating an estate plan is a personal experience. Ensure that you have your own plan in place and then move forward with the plans you have within the company. Think about the company and what it will need, but don’t neglect to plan for your family members.