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.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
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.
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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I’m not sure where you’re getting your info, but good topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic info I was looking for this info for my mission.
Hello! In response to your statement: this article stems mostly from our own experience but there are also a number of statistics out there showing that small businesses often do not survive the death of their owner. We have been doing estate planning for over 40 years and have seen this situation from both sides. We have many clients that we have helped incorporate estate planning and business planning together and have seen the beneficial effects this has. On the other side, we have helped many clients after a death has already occurred and, in the case of small businesses, it is a really complex situation. When plans have not been put into place beforehand it can be detrimental. We truly hope that business owners take the step to ensure the business they worked so hard to create continues on after they are gone.
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