Owning a business can be stressful and tough! It's not always a "walk in the park". Your business is likely a legacy you'd like to leave behind to possibly your children or a very trusted business associate. Either way, do you have an estate plan in place? If not, we encourage you to speak with an experienced estate planning attorney at the Lake of the Ozarks as soon as you can. Call Gibbons Law Firm today to set up a consultation, the first one is free. We can be reached at 573-348-2211. In the meantime, keep reading this week's blog for the answers to a few frequently asked questions regarding business estate planning.
Business Estate Planning FAQs
Q: Are there risks if I don't have an estate plan, as a business owner?
A: Potential yes, you could be facing risks, such as Higher taxes, Dispute between heirs, and Division of assets based on legal requirements.
Q: What sort of information should I be leaving behind for my successor?
A: It's important that your records are easy to find. In the event of your passing, these documents should be well organized and in a convenient location. Someone will need to locate these documents in order for your wishes to be carried out. Consider keeping insurance information, your estate plan, financial information, and other information for your successor together in one place.
Q: Should I buy life insurance?
A: A life insurance plan can help to cover the financial burden of a loved one passing. A business owner should consider buying a life insurance policy to benefit their business, as well. A partner or your successor may even be named the beneficiary of your policy, to make the transition smooth.
Q: Should I have a will?
A: A will is helpful no matter what type of business you own. This type of documentation can help you dictate exactly what you want to take place after your death. Usually, businesses with no will in place will be passed to close family members. Save your employees and family members the effort and name your successor in a will.
Q: What is a succession plan and should I have one?
A: A succession plan can help your successor navigate their new role. A solid plan contains the name of the successor, a training plan, and how your successor will be taking control of the business. This plan is a good roadmap for whoever you choose to take over your venture. Whether you pass away, retire, or are unable to work for another reason, a succession plan can help your successor navigate their new role.
Are You Ready To Get Your Business Estate Plan Created?
If so, give us a call at the phone number listed below and set up your free consultation today. Making sure your business stays in good hands and your legacy is protected should be a priority. We encourage you to speak with an experienced Lake Ozark estate planning attorney today. To stay up to date on our latest announcements, please follow us on our social media channels listed below.
Remember, your initial consultation with Gibbons Law Firm is always free.