Small business owners should ensure they maximize the value of their business, not only for themselves but for their heirs. This article lists a few helpful things to consider to help you make the most of a significant portion of your estate.
Planning your exit strategy is crucial for business owners, as it can help maximize the value realized from the business and add value to your overall estate. Whether you plan to sell your business to an outside party or set up a succession plan, an effective strategy will realize the full value of your business.
Business owners should also have necessary estate planning documents in place. These may include a will, a power of attorney, and a medical power of attorney. A will can help lay out any wishes involving your assets, including your business. A power of attorney can help keep your business running smoothly if you are incapacitated for any reason.
There are also a number of trusts that business owners can use to their advantage. These can also help keep the business running if the owner becomes incapacitated or dies. Some benefits include avoiding probate, keeping the business safe from creditors, and minimizing taxes during the transfer in a succession plan.
If you need more information or help creating an estate plan as a small business owner, contact Rhodes Law Firm today.