If you experience the benefits of a fast-growing company, it’s easy to overlook the potential downside. What happens if you’re no longer in a position to make these important decisions? Growing an estate plan is crucial for entrepreneurs and business owners. Having an estate plan helps you and any chosen loved ones or key employees to take action if something happens to you.
Otherwise, your business could cease to exist or be held in limbo in probate court as its future is determined. None of these steps are ones that most business owners want to have put in place for their company, and consulting with a knowledgeable business succession planning attorney is perhaps the only way to minimize these risks.
There are several different steps that you can take as a small business owner to protect your investment that you have worked so hard to build. These include
- Start with a basic personal will and testament and estate plan for your individual assets.
- Look for all opportunities to maximize your tax situation individually and with the business.
- Make sure you have a plan for who will step in to take ownership of the business.
- Create a buy sell agreement if you are one of multiple owners in the company.
- Purchase disability and life insurance.
- Create your succession plan with the help of a knowledgeable lawyer and business strategist.
- Update your estate plan as needed.
All of these recommendations can help you to have the peace of mind that comes from knowing that you have done the due diligence to protect your company. Talk today with our estate planning lawyers to learn more about planning for your own future.