Owning your own business is rewarding but comes with significant responsibilities. Most importantly, your business is one of your most valuable assets and must be carefully considered when you create your estate plan. You must consider situations such as what happens to your store if you are injured and incapacitated. Do you have a successor ready to step in and understand how to run the business? If you do not dictate your plan for your business in your estate plan, state intestacy laws will dictate who takes over your business. Additionally, if you don’t plan carefully, your business will go through probate, and by the time the probate court appoints a new owner, your business may have suffered greatly. When you meet with your attorney at The Millman Law Group, you can begin by taking the following estate planning actions for business owners.
At Minimum, Get Basic Estate Planning Documents in Place
To avoid complete chaos, we recommend business owners begin by getting the primary estate planning documents executed as soon as possible. What are the essentials? At a minimum, you want to have a durable power of attorney in place to let someone you choose handle the business finances in the event of your incapacity.
You should also include other documents like a Will and a trust that can keep your business running and out of probate court. The specific estate planning actions for your business depend on many unique factors, so it is essential to create these documents with the help of an experienced attorney.
Create a Succession Plan
A Will describes who should get your estate and outlines your wishes concerning who you want to run your business when you die. A succession plan is much more concerned with the details of keeping a business running.
A succession plan requires identifying people in the business who are best qualified to take over in your absence. This document can greatly assist in transitioning to new management so your business doesn’t suffer.
Determine the Impact of Taxes
If you own a small company or family business, it is best to consider how estate taxes may impact your estate after your death. Depending on your business and particular situation, you can utilize several strategies to minimize your taxable estate. These estate planning actions are best undertaken with a knowledgeable estate planning attorney. At the Millman Law Group, we stay up-to-date on all tax laws that may impact your estate and can make the best recommendations to help your heirs avoid substantial tax payments or problems.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.