If you are one of the millions of Americans who own a small business, protecting that investment is essential by accounting for all potential events in your estate plan. One of the most important things you can do is to create a business succession plan to make sure that you have a say in who will take control of the business in the case of your retirement, disability, or death. Protecting your small business in your estate plan can also ensure that your loved ones continue to benefit from the financial success of your business. If you want to protect the future of your small business, consult with your attorney at The Millman Law Group to make the best updates to your estate plan. These updates can protect your business from the following threats.
Protection From Accidents That Prevent You From Running the Business
You will have to consider who you want to take over the immediate day-to-day operation of your business if you are suddenly unable to run it. Does this person have the legal authority to run your business? Will your employees, associates, and family members accept the authority of your successor?
In Instances of Permanent Incapacity or Disability
If you become permanently disabled or incapacitated, do you know who will take over running your business? Will your family continue benefiting from the business’s success without you? If you want to know that your business is ready for any unexpected illnesses or injuries and that your family will continue to profit, set up the necessary provisions in your estate plan.
The Potential Loss of Assets During Probate
What might happen to the value of your interest in the business if it is included in part of the probate of your estate? What if your business must be sold? What will the tax implications be? Does your business have sufficient liquid assets to cover tax debt that might be owed when you die? And even more importantly, how will your family get by financially during probate?
Your Retirement or Death
If you plan to pass your small business down to the next generation after your retirement or death, have you prepared your successor to take over? Have you established the legal structure for the business to transfer to the next leader easily?
Explore Your Business Succession Options
If you are only just beginning to consider these questions, it’s time to start business succession planning with The Millman Law Group. Your estate planning attorney can help you determine the best legal tools and strategies you can use to ensure that your business is passed down as you wish. By protecting your small business in your estate plan, you can ensure that your hard work and investment in your business benefit your family and successive generations.
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.