Many small business owners have failed to implement estate planning for their business. The owner may feel that it is unnecessary, too costly too create or as 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. Will your business survive your death? It’s best to create a business succession plan so that your business is passed to who you want after you pass away.
Our office of estate planning attorneys can help you craft a plan for your business when you need one. Contact us at (888) 222-1328 for more information on how we can help you successfully plan for the future of your business.
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.
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