People create estate plans for many reasons, but many do so to protect their assets and make sure that their estate is managed in accordance with their wishes after they pass away. For some people, such as those who own a small business, having an estate plan in place is especially important and there are additional issues that may need to be reviewed.
After figuring out the most appropriate type of estate plan, small business owners should examine how their estate plan can protect their business. Tax-related issues need to be considered and it may be necessary to address various issues with respect to a family-run business. After someone passes away, many questions related to business operations can arise and it is imperative to have these issues addressed beforehand to prevent uncertainty.
Small business owners may also need to discuss their estate plan with loved ones and business partners, and it is essential to make any updates to the estate plan when necessary. Unfortunately, some small business owners have passed away without taking these matters into account, which has led to a great deal of confusion and even the closure of their business, in some cases.
Our law firm realizes that for many business owners, daily life can be overwhelming. However, it is very important for small business owners to set aside some time to handle these issues and plan ahead. In fact, being prepared can offer peace of mind and help ensure that business operations will not be disrupted should something unexpected happen.