Estate planning for an individual is a given, but it is also extremely important for a business. This is increasingly crucial as a result of digital assets that must be included in the estate planning process.
Although these may not be as obvious, they are equally important. Knowledgeable estate planning attorneys are extremely beneficial for explaining what is required in generating an effective estate plan incorporating your business.
There are several different important considerations that should be included in this conversation, including the development of a buy/sell agreement if it is the owner’s wish to ultimately sell the company, the minimization of estate taxes and handling a sole proprietorship when the business assets have not yet been separated from personal assets.
Estate planning can be especially unclear if there are digital assets involved. One area that many estate planning attorneys are not comfortable with is in managing digital assets. The law is relatively clear about handling paper documents and other physical property issues when someone passes away.
Only recently, are court rulings, laws, and regulations attempting to figure out how to handle digital technology. This makes it all the more important to retain an attorney who has been practicing in this field for some time and one who stays abreast of the most relevant developments.
