Do YOU Have an Estate Plan for Your Business? Here's Why You Should.

Running your own business is certainly not for the faint of heart. When you are able to build up a successful business, that usually means many years of dedication, heart, time and energy that you have sacrificed to get to where you are. Have you ever thought about what would happen to your business if you were no longer able to run it? Or what that would mean for your family, or your employees and their families? In the same way that people will put off having a personal estate plan made, it is not uncommon for business owners to not even think about creating an estate plan for their business. But there are several things to consider when you run your own business and would certainly want to avoid if something were to happen to you. So, in today’s blog, we are going to talk about three things to think about as a business owner, when it comes to planning your estate.

1) Leadership

Running your business takes a very specific skill set. If you have a family member who is highly involved in the business, it may make sense for them to carry on in your place. But, what if no one in the family has the skills, time, or interest in running your business? Maybe they are willing and interested, but just don’t have the skills. If that’s the case, it would be a benefit to have a plan for who would have the skills and ability to lead the business if you are no longer there to do it. You also will want to create a transition plan for that person and make sure that if they are positioned to take leadership, they would also have access to bank accounts, online accounts, financial information, and technical information about the business, etc.

2) Ownership

Your spouse or family can still own the business while you have someone else appointed to lead the business. But if that is not as beneficial to your family as a one-time payment would be, then you might want to consider other options. If you have business partners, they may be interested in buying your portion of the business from your family. It is a smart idea for business partners to have life insurance policies on each other so that if one of them were to pass, there would be funds available for the buyout. If you do not have partners but still believe your family would want to sell the business, then it’s a good idea to have information regarding valuation and other important information that would make transfer of ownership more feasible. That transition plan we talked about can help tremendously if you think selling the business would be the best option at that point.

3) Taxes and Probate

Unfortunately, the tax liability that comes upon a business when the owner dies also comes with a deadline. It is very sad when businesses have to liquidate in order to pay the tax burden on time. You don’t want your business to end that way, so if you would rather your family or business partners have a chance to run your business rather than it coming to an end, then talk to your estate planning attorney at Lake of the Ozarks about an estate plan for your business.

Our business law attorneys at Lake of the Ozarks know that an estate plan is one of the last things of business owners thinking about when they’re building up their business. But we also know how important it is. So, if you have any question at all, feel free to take advantage of a free initial consultation with our lawyers in Lake Ozark. It is as simple as giving us a call and getting on the schedule. We can make the process of estate planning for your business in mid-Missouri easy and effective for you. We can also help you with other legal matters as well. For more helpful information and legal tips from our law office in Lake Ozark, we invite you to use the links below to follow us on social media.

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning - 3 Important Things For Business Owners to Consider

If you are a small business owner, chances are you have put your all into getting where you are now. You have sacrificed time, money, heart, and more to build your business into a success, and you continue to work to maintain that success and a reputation of integrity. Have you ever thought about what would happen to the business you have built up if something were to happen to you? What about the livelihoods of your employees? Although many small business owners don’t think about it, estate planning for your business is something you should take care of in addition to your personal estate plan. If you haven’t thought about making an estate plan for your business at Lake of the Ozarks, this blog will talk about three things to think about to make it easier for you when putting your plan together.

Someone to Lead in Your Stead

Sometimes a business owner's spouse or other family member may be highly involved in the business, and in a position where they can step up and run the business. Sometimes there are partners that are more knowledgeable about the business and may be a better choice. If neither of these are a practical option, you want to think of another person who would be capable of running your business and talk to them about that possibility. Then you’ll want to make a plan for what that transition would look like. Your successor will need access to bank accounts, financial information, online accounts, technical information about the business, and more. Once that transition plan has been created, be sure to put it in a place that it will be accessible along with your estate plan.

Ownership

Sometimes, it makes more sense for the family to sell the business rather than own it, if they are not feasibly able to take over the leadership role. In that case, having information for valuation of the business, as well as important information to make it easier for the next business owner, and therefore a more appealing business for a buyer should be part of your estate plan. If you have partners who you believe would be interested in stepping into the leadership role, you can provide an option for them to buy your portion of the business out. It is not uncommon for business partners to take out life insurance policies on each other so in the event one passes away, there will be funds to allow for that type of buyout. If you believe your family would benefit more from a cash payout for your portion of the business, you could provide for that option if no one is able or interested in learning how to run your business and taking on that responsibility. 

Probate and Tax Timelines

It’s important to be aware that there are tax implications when the owner of a business dies, and that tax burden comes with a timeframe. Unfortunately, some businesses find themselves forced to liquidate in order to cover that tax burden within the required deadline. It is a sad way for business to end, and it does not have to be that way. If you prefer that your family or business partners have the opportunity to take over the business, let's talk about an estate plan for your business. 

Business Estate Plans - Protecting Your Legacy

As business law attorneys in mid-Missouri, we know that having an estate plan is not always intuitive for small business owners. So we wanted to let you know why it is important, give you a few things to think about, and offer you a free initial consultation at Gibbons Law Firm. Just call our office at (573)348–2211 to schedule an appointment with one of our estate planning attorneys in Lake Ozark. We are capable of helping you with all your business legal needs, and very familiar with the process necessary to get this important plan in place for your business and your peace of mind. We also have regular legal information and helpful tips on our social media channels if you’d like to hear more. We have links below for your convenience, feel free to follow us!

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning - For Your Business!

Being a small business owner takes a lot of heart. For most entrepreneurs, it takes years of dedication and hard work just to get the business off the ground. Then it takes a lot of integrity and professionalism to make it an ongoing success. As your business grows, you feel the responsibility of making sure you are taking care of your employees and the business that provides their livelihood. Have you ever thought about what would happen if you were no longer around to take care of the business? 

Estate planning for businesses is something that can easily be overlooked. But when you think about how much you have put into that business, how much your family depends on it, as well as the families of your employees, it’s worth thinking about what your estate plan should look like for your business. If you would like to know a few things to think about to protect your business in the case that you are no longer here to lead it, our business attorneys at Lake of the Ozarks have three important things to consider in this week's blog.

Who Will Run Your Business

If your spouse or your family members are not highly involved in the business, it may be impractical to think that they can step in and run the business in your stead. If you have partners, it may make more sense and be more feasible for them to continue the business. If you do not have partners, it’s important to think of who would be able to step in and take your place. Of course, you want to have a conversation with that person and make sure that they are in agreement. You also will need to prepare them for making that transition. Having access to online accounts, bank accounts, financial information, technical information about the business, etc. will be critical to your successor’s success. So creating that training for transition and a centralized place for all of that administrative information will be part of your state plan for your business

Who Will Own Your Business

If it does not look reasonable for your family or another individual to step up and take a leadership role, it may make more sense to sell the business. Having a plan in place to make that easy and you have information for valuation will be very helpful to your family. If you do have partners who are able to step into the leadership role, they may want to have the option of buying your portion of the business out. So your estate plan may include an option for that. A good way to be prepared in case that happens is for partners to take out life insurance policies on the other partners so that if one passes away there is financial funding to provide for that buyout. Then, instead of your family having to learn how to run the business and deal with that responsibility, they would receive money for your portion of the business instead.

Probate and Taxes

It might surprise you to know, but the death of an owner can sink a business just because of the estate tax burden that is incurred when the business is inherited by a family member. Sometimes families have no choice but to liquidate the business to cover the tax burden within the timeframe that is required. That is a terrible end for something you’ve spent so much of your heart and soul creating. We highly encourage you to speak to a business estate planning attorney at Lake of the Ozarks when it comes to your tax potential and find ways to give the business more time to pay that tax and hopefully avoid the pressure of a quick sale.

Gibbons Law Firm is Ready to Help!

If you are getting ready to start a business, or have a business and do not have an estate plan, we urge you to take advantage of a free consultation at Gibbons Law Firm. Our business attorneys in Lake Ozark are well equipped to help you with your business estate plan and ensure that your business is in the best position it can be if something were to happen to you. In fact, we are able to help you with all of your business legal needs, so if you have any questions whatsoever, feel free to ask! Give us a call at 573-348-2211 to schedule an appointment to speak with one of our estate planning attorneys in mid-Missouri. If you’d like to stay in touch with us and hear all of our legal tips and helpful information, be sure to follow us on social media using the links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Life Changes - When You Need To Update Your Will

If you already have a will in place, Gibbons Law Firm commends you! It is something that far too many people put off and don’t get done. But not having a will, or having one that is not accurate or up-to-date, can be tragic if your estate has to go through probate and your ultimate wishes are not honored. As estate planning attorneys at Lake of the Ozarks, we know a will can also make it much easier for your heirs to get through the process of dividing your assets at a time when they’re already mourning. Unfortunately, families can sometimes end up in disputes and a will can help avoid fights from sparking over your assets. But if a will is not up-to-date, it can be as bad as not having one at all. If you would like to learn about three common life circumstances that can trigger a need to update your will, read on! This blog has the answers you are looking for.

1) Beneficiary Passes

When you love someone enough to make them beneficiary to your will, it is heartbreaking when they pass away. The last thing you’ll be thinking about is needing to update your will. But if your beneficiary has passed, and you don’t name a new one, your will can become irrelevant and ineffective in honoring your wishes for your estate. If the person you’ve named as your beneficiary passes away, you will want to reach out to an experienced estate planning attorney in mid-Missouri to have your will updated appropriately.

2) Divorce

If you have gotten a divorce since you had your will made, or are planning to divorce soon, and your spouse or ex is named in your will, that may be something you want to update. Our estate planning attorneys know just how to make the updates you need to support your wishes

3) Grandkids

Your kids have always meant the world to you, and now that you have grandchildren, they do too! As your children grow into adulthood and have children of their own, you may want to leave something for your grandchildren in your will. If your adult children are thriving and doing well on their own, it may be better for you to focus your efforts on securing your grandchildren‘s future educational needs, for example. A simple modification to your will can take care of that and make sure that your assets go to the people you want to receive them. If it is your desire to leave your grandchildren part of your state to help them get a head start in life, we can help you document your wishes legally.

Does your will reflect your life changes?

If the answer is no, we encourage you to schedule a consultation with Gibbons Law Firm to get that taken care of right away. You don’t want the courts deciding who will receive your assets, so let us help you document your wishes and protect what you have worked so hard to earn. If you have any questions whatsoever about updating your will at Lake of the Ozarks, we are happy to help. Be sure to follow us on social media using the links below to stay informed of all of our latest tips and information.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Estate Planning for Business Owners – 3 Things to Think About

At Gibbons Law Firm in Lake Ozark, we have a lot of respect for small business owners.  We have helped numerous business owners with legal advice on starting and structuring their businesses and have provided guidance on estate planning for their businesses as well.  There is a lot to consider when it comes to deciding what will happen to your business if you were no longer around to run it. We know when you own a business, you put your heart and soul into it.  Quite possibly, your family’s financial well-being depends on its success. That is why we wanted to dedicate this week’s blog to estate planning for business owners at the Lake of Ozarks.  If you are a business owner and want to know what you should be thinking about in order to determine what will happen to the company you worked so hard to create, keep reading this blog!  

1) Who will own your business

The first thing to think about is who do you want to own your business.  Without an estate plan, it will most likely go to a close relative or spouse.  But if your family is not very involved in the business or would not know how to run it or sell it for a good price, that may be more of a burden for them. You have the option of naming an executor or trustee who is more knowledgeable about how to handle the finances of the business. Or, if you have business partners, you may want them to buy out your part of the business.  If so, it may be advisable for the partners to have life insurance on the other partners to provide funds for such a buy-out if one partner dies.  Either way, it will be important for you to have your wishes legally documented.

2) Who will run your business

If you do not have partners who will buy out your portion of the company, and you do not have a family member who is willing or able to run your business, you will want to choose a potential successor.  You will want to communicate with that person and include them in the decision, of course.  You will also want to create a plan for that person to follow for a smooth transition.  They will need access to important documents and accounts, insurance policies, financial information, access to online accounts, etc. and all that information should be well organized and in a convenient location.  In addition, providing training for that successor will be key to helping them successfully navigate their new role.

3) Probate & Estate Taxes

It is well worth the planning to avoid having your business go through probate.  Many businesses don’t survive the loss of an owner because of the estate tax burden that is incurred when the estate is inherited by a family member.  Sometimes the business must be liquidated to pay that tax liability in time.  With proper tax and legal considerations, there are ways to give the business more time to pay that tax and potentially avoid a quick and pressured sale.

Have the Peace of Mind that a Business Estate Plan Can Bring!

If you are ready to get started creating your business estate plan, then call our Lake Ozark law firm today to schedule your first consultation.  It is free!  Your business has always been a top priority for you, protecting it in the event that something unexpected happens to you should be a priority as well.  Just as you are intimately familiar with running your business, GibbonsLaw Firm is very familiar with how to protect your company with a comprehensive business estate plan.  Let us bring our expertise to the table for you.  Speak with one of our experienced Lake Ozark estate planning attorneys right away!  To stay up to date on our latest announcements, please follow us on our social media channels below.  

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Why Don't You Have A Will Yet?

Why don't you have a will yet? Have you ever been asked that question before? If so, keep in mind that this is a very valid question because a will is definitely something every adult should have. A will is a document that states your wishes regarding who your assets should be passed down to upon your death. You likely have items that mean something to you, whether they are sentimental in value or just very expensive items. Either way, having a will is important and our estate planning attorneys at the Lake of the Ozarks are here to tell you why.

Important Reasons To Have A Will

A WILL CAN BE CHANGED OVER TIME, JUST LIKE YOUR LIFE.

The beauty of a will is that it is a flexible document. Changes can be made over time as your wishes change. Whether you've had a major life change or you simply think someone else would be a better fit for a certain asset, you can make changes to your will, as you see fit.

THIS DOCUMENT SPEAKS FOR YOU WHEN YOU NO LONGER CAN.

It's important that everyone involved knows exactly what your wishes for your estate are. This can help to avoid arguments amongst family members. It will offer comfort for your family to know exactly what your wishes are and to help carry them out. A will is an ideal place to document any of your wishes for when you pass.

MAKE SURE THE RIGHT PEOPLE ARE BEING GIFTED YOUR ESTATE.

When planning your will, you can designate who you want to take over specific assets. Whether it's your home, car, accounts, or family heirlooms, it's a great opportunity to distribute your belongings to your friends and family. A will can help ensure your wishes are being carried out and that your estate is going where you want and not just divvied up.

MAKE SURE YOUR CHILDREN ARE PROPERLY CARED FOR.

If you have children under the age of 18, you can designate guardianship to an individual or couple. This can help make sure your kids are being cared for by exactly who you wish to care for them. You can also leave specific instructions for any financial help you want to go along with the person who will care for your kids.

Make The Right Decision and Get a Will Today!

Gibbons Law Firm can help you with this. Clearly, you don't have to have a lawyer to have a will BUT it is strongly encouraged. Why? An experienced estate planning attorney in Lake Ozark can make sure every important piece that should be covered IS covered. That is the whole point of having a will, to make sure ALL your wishes are known when you can no longer physically speak for yourself. Give us a call today for your free consultation. We can be reached at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest legal tips and announcements.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Parents: Have You Thought About THIS When Planning Your Will?

Plan for the worst and hope for the best. Sometimes this can be easier said than done, especially as a parent. You don't want to think about "the worst". Our estate planning attorneys at the Lake of the Ozarks understand that. It's not easy to talk about, but it should be discussed. What happens to your children if you pass away, unexpectedly, before they come of age? Keep reading this week's blog for a few things to think about when it comes to planning your will as a parent. If you have any questions about putting together a will, please call our Missouri estate planning attorneys today. Gibbons Law Firm can be reached at 573-348-2211.

Parents: Have You Thought About THIS When Planning Your Will?

THE ASSETS YOU WANT TO MAKE SURE YOUR CHILD WILL HAVE.

In your will, you can narrow down when and how your children will receive your assets. Many times, guardians will be given a portion of the assets in order to help with the expenses of raising the child. On other occasions, all assets may not be distributed until the child is of legal age – 18 years old. You can specify exactly how your child will gain access to your financial assets.

THE PERSON YOU WANT TO BE RESPONSIBLE FOR YOUR CHILD.

If you have someone in mind to care for your child if something should happen to you, it’s important to get that information legally documented. This can help ensure that your child will be with who you intended to help raise them and have guardianship over them. Whether it’s a relative or a close friend, your child should be cared for by the person you wish to do so. If both legal parents pass away, a court will decide who should care for the child or children in question, if there is no specific indication in a will.

WHETHER OR NOT YOUR CHILD WILL BE MOVING TO A NEW CITY.

If you want your child to keep up with his or her normal routine, you can specify where you would like your child to be raised. Whether you intend for the caretaker to move into your home to offer a familiar environment for your children or you want to specify that your child attends the same school, it’s important to note any special requirements that would like to take place.

YOUR CHILD'S FINANCIAL SUPPORT.

Another factor that goes into deciding who will care for your child is how will they financially support your little one. Taking on the care of a child can impact the financial situation of the caregiver. From added food expenses to the cost associated with school activities, you will have to factor these types of expenses into your decision. You can designate a certain amount of your assets to be distributed to the individuals who will gain guardianship of your child. You can also specify that any money that is distributed be used for the sole purpose of raising your child, to avoid it going toward another cause.

Need Assistance Getting Your Will Together?

Gibbons Law Firm is here for you! Your will is a very important document and having an experienced estate planning attorney in Lake Ozark create it for you can help ensure that it is done properly. If you have questions about the estate planning process, please call our phone number listed below. Your first consultation is free and we are here to answer any questions you may have. You can also stay up to date on our latest announcements by following us on our social media channels listed below.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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