We know you are busy running your company, but that shouldn’t keep you from setting up an estate plan. You have worked hard to build and run your small business, don’t let it fall apart if something happens to you. Everyone needs a plan to help decide how to distribute assets if they become incapacitated or pass away, but estate planning for small business owners is especially important.
Estate planning includes more than what happens to your assets after you pass away. It can also help you decide how to set up and run your business to help with management, taxes and investments. Establishing a trust is something to consider when you own a small business.
You want to make provisions about what will happen to your business when you pass away. If you don’t have a will or trust when you pass away (also called dying intestate), your assets will transfer to your immediate family. But what if that’s not what you want – or if it’s not what they want? Deciding now what should happen to your business will save your loved ones time and money after you’re gone.
If you have partners in your business, you may consider a buy-sell agreement. You can decide now that if one person dies, the others will buy out their shares and can agree on a price now. Your family will be given the money from the sale, and your business can continue to run.
Writing a will now will help you decide exactly what will happen to your business when you pass away. Decisions such as:
Having a plan now will help prepare you for the time when you can no longer be in charge. An experienced estate planning attorney can help you decide the best plan for your business, now and after you are gone.
Contact the experienced business estate planners at Estate and Probate Legal Group. We will help you plan how to preserve your legacy for the next generation. Call us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties