Estate Planning For Business Owners

Estate Planning For Business Owners-71
Estate taxes, court battles and arguments among shareholders at your business are likely not what you envision.If you are intent on growing your business into something whose value can benefit your family and loved ones, and you want to preserve the integrity of the business you’ve built, make sure to protect it by making an estate plan part of your business plan.As one Denver estate planning attorney points out, estate planning is vital if the person planning wants to avoid probate, which is the legal process of proving a will in court.

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An estate planning lawyer can also make recommendations to start-up owners to secure protection through means like life insurance, which further helps to protect business assets.

As a start-up owner, you likely have a vivid vision for the state of your business today and far into the future.

As well, legal proceedings can take years to go through, which can damage the production of a business or shut it down altogether.

Estate planning should be a part of the business formation plan from the very beginning, or as soon as possible when the business owner realizes its importance.

A party the start-up owner never wanted to have ownership may gain it through the courts without estate planning.

In cases where there are multiple start-up business owners, estate planning is especially important to protect each one.A lawyer will help a start-up owner determine how the business will be transitioned upon the owner’s incapacitation or death, such as whether the ownership is sold to someone outside the former owner’s family or passed on to a future generation.Estate planning may also include stipulations for the support and training of successors, delegation of responsibilities, and transition plans for remaining employees.Companies that grow to employ several or even thousands of employees will need to ensure those workers are protected.Here’s what small business and start-up owners should know about estate planning and how to start the process.Among the many benefits is that your appointed trustee can take over management of your assets if you're incapacitated.A revocable trust streamlines the transfer of your assets by helping avoid potentially lengthy legal proceedings and costly court fees.Here, we will discuss the four key components of estate planning to make sure you are well set up for success.The most fundamental estate planning tool is a will.Serious or fatal injury is a possibility at any time, which is why having a plan in place from the onset can protect start-up owners. The Conway Center for Family Business reports family businesses account for 64 percent of the United States gross domestic product.Lacking estate planning while running a business may mean that key executives in a start-up will need to fight for their business rights if the ownership comes into question.

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