Business Estate Planning

Business Estate Planning-83
Generally, business owners ought to be thinking about how to pass on their business when it becomes clear that the business is realizing steady, continued success and is becoming a significant part of the estate.At that point, collaborate with an accountant, attorney, financial adviser and family to create a plan.

Generally, business owners ought to be thinking about how to pass on their business when it becomes clear that the business is realizing steady, continued success and is becoming a significant part of the estate.At that point, collaborate with an accountant, attorney, financial adviser and family to create a plan.

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Taking steps to protect that asset now is one of the smartest things you can do as a business owner. Estate planning is one of those things everyone dreads and tries to avoid, but without it, your business could suffer, or even fail, if something were to happen to you unexpectedly.

For that reason, it's never too early to start thinking about estate planning.

“Succession planning shouldn’t start at death or disability.

That’s too late.” spoke with Karas about the many considerations business owners should make when determining their estate plan.

There is no area of law where trust in your attorney matters more than estate planning.

The most effective attorneys in this area are proficient in tax law, understand the complexities of closely held businesses and intra-family dynamics, and embrace the spirit as well as the letter of their professional obligations.What are some of the questions family business owners should ask as they prepare their estate plan?An early question is whether the owner wants the business to continue, or would rather cash out.After all, it's likely that as the owner of a small business, the success of your company is the main source of your economic stability, and it would be foolish not to plan for the future of your company.Just as we think about our personal future – what is the next house or car we want to buy, where will I go on my next vacation – so too must entrepreneurs think about the future of their business estate.While an estate plan may develop over several years, and is constantly changing based on the state of your business, fortunately there are steps you can take now to ensure a successful future for you and your company.How to Create an Estate Plan: Preliminary Preparations Estate planning is not just crucial in the event of a death, but can be helpful should a partner in a multiple-ownership company want to take his or her exit.There is a lot to think about when business owners begin estate planning.As they think through what to do with what is often the most valuable asset in their estate, they’ll need to determine whether the company will be passed on or sold.When a family business is owned in part by people who are not related, it is important for the owners to discuss early on the terms of that ownership.There should be buy-sell agreements in place as well as a succession plan.

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