Many small business owners have failed to implement estate planning for their business. The owner may feel that it is unnecessary, too costly to create or something that can be delayed until later. Unfortunately, your failure to plan could result in the failure of the business, loss of its income for your family, and loss of a job for your employees.
By creating an estate plan for your business, you can ensure matters are set in place to allow your business to survive even after your death. If you have a spouse or a specific child you would like to take over the business, you can dictate your wishes in your planning and know they will be carried out. Or, if you have a business partner, you can implement a buy-sell agreement to permit him to purchase your portion of the business for a previously agreed upon price.
If you do not create an estate plan for your business, it may likely have to go through probate after your death. This can shut down the business for a time and can be very costly. Also, if there are conflicts over the ownership or the future of the company, it could delay matters even further, potentially destroying the very company you’ve put so much effort into creating.
Do not risk the downfall of your company. Ensure that you plan appropriately for your business to ensure that your legacy continues even after you pass away.
Morris Hall Can Protect You in Today’s Litigious Society:
We live in a litigious society, where over 1 million lawsuits are filed every year in America alone. Financial predators are looking for ways to take funds from others and often use litigation as their means to do so. At Morris Hall we provide your assets and your loved ones with important protections that can prevent financial predators from taking advantage of you. We do this through proper and current estate planning techniques. With an MH living trust, we can also protect your property, assets and loved ones from probate, estate taxes, gift taxes, creditors, Medicaid spend-down, conservatorship or guardianship proceedings, ex-spouses and more. A living trust also keeps your asset and beneficiary information private and secure to avoid giving financial predators information to use against you and your family. Without a living trust, this information will be made public. For those living in Arizona, we serve the areas of Phoenix, Mesa, Gilbert, Fountain Hills, Scottsdale, Cave Creek, Prescott, Flagstaff, Sedona, Tucson, Sonoita, Arrowhead, Avondale, Goodyear and Tempe. In New Mexico we serve the areas of Albuquerque, Santa Fe, Las Cruces, Rio Rancho, White Rock, Alamogordo, Truth or Consequences and more. Contact us today at 888.222.1328 to schedule an appointment with an attorney in your area!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.