Do you own your own business? If so, you've likely worked very hard putting that business together, so having a professional estate plan put together can be a very responsible decision. This can assure your business ends up in the right hands in the event you pass away at an unexpected time. We understand that this is an unfortunate matter that no one likes to think about but the reality is that having an estate plan can make matters easier on your loved ones that are already mourning your passing. Our estate planning lawyers at the Lake of the Ozarks are here to give you a few tips for that may help with your estate planning process, if you're a business owner with children, in this week's blog. If you are a business owner in need of an estate plan, please call our law firm in Lake Ozark today. Gibbons Law Firm can be reached at 573-348-2211.
Estate Planning Tips for Business Owners With Children
Who would you like to leave your business in the event you pass away? Is it your children, a trusted, long-time co-worker, or maybe you're considering other options? Either way, there are certain things to consider first, such as:
TAX
This is important to remember. The value of your business can change over time. The taxable eststate would include the value of the business at the time of your death, not necessarily at the time of when you started your estate plan.
POTENTIAL FAMILY ISSUES (If you do plan to leave your business to one of your children.)
Let's say you're choosing to leave your business to one of your four children. It can be a very good idea to have a conversation before making any final decisions here. Matters such as these aren't worth tearing families apart over. There is a gentle way to go about this and just being honest and upfront about your plans beforehand can go a long way.
SUCCESSION PLANS
A good succession plan will let your successor know exactly what needs to happen when it comes to the transfer of the ownership and management of your business. Without this, your business could end up in chaos.
These are just a few of the matters to consider when estate planning for your business, but we encourage you to meet with an experienced attorney at the Lake of the Ozarks when choosing to have an estate plan created. It's a very important document and you can benefit from the attorney's experience of doing this for many years. Your opinion matters, but if you don't have a proper estate plan, it may not actually get heard if you pass away. This is just something to consider, you don't have to have an attorney to create an estate plan, we just strongly encourage it because of the significance of this document.
Are You Interested In Having A Professional Estate Plan Put Together?
All of us here at Gibbons Law Firm hope you found this blog enlightening and helpful in your estate planning process. We are here in you need any help. Please give us a call today. Your first consultation will be free. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below for our latest announcements and more legal tips.
Remember, your initial consultation with Gibbons Law Firm is always free.
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