Estate planning is not just for older people or people who have already retired. Once someone owns a business, it is crucial to start creating an estate plan. The reason for this is to make sure that in the event of incapacity or death, your loved ones and your business are safe and secure.
As soon as you have something to give away, it’s time to do an estate plan. You could be twenty, thirty or forty years old. The estate plan will map what the business owner wants to happen with the business and all assets when he or she dies.
Before scheduling an estate plan meeting, there are a few important things to ask yourself according to this article. Who do you want to handle the business affairs? Who will take over the business? Will it be your family? Your children? A key employee? You may also choose to leave the business to one child and leave other assets to your other children. Having an idea about who you want to leave things to and what those things may be will help make the estate planning process simpler.
The business could easily be put into jeopardy if a business owner does not have estate documents in place. Some businesses do not survive to the next generation because of a lack of planning. It is very important for business owners, no matter how old, to have estate plans in place. Estate planning helps a business survive.
To learn more about estate planning, contact us today!