Estate Planning Tips For Illinois Business Owners

An estate plan is important for all individuals, but even more so for Illinois business owners. An estate plan tells how to care for you if you become ill or incapacitated and how to distribute your assets when you are gone. When building an estate plan, business owners must consider their personal assets as well as the future of their business. We offer estate planning tips for Illinois business owners.

Questions To Ask Yourself

Several issues must be considered when establishing an estate plan including your business.

• Do you know who can successfully run your business after you are gone?
• Do one or more heirs wish to inherit the business?
• Are others prepared to step in and take over your business when you’re gone?
• How can you make the entire transition easier for your heirs?
• Would your beneficiaries rather close the business and take the money?

Once you have answered these and many more questions, you can begin building an estate plan that includes your business. Your first step should be to contact an estate planning attorney experienced in establishing plans to include businesses.

Estate Planning For Illinois Business Owners

Estate planning for business owners will help ensure the smooth transfer of ownership or sale of the business after you pass away. It can also help prevent disruptions and ensure the longevity of the company you worked hard to build.

Here are 3 tips to get you started on estate planning for business owners

• Consider a revocable living trust. Assets in a revocable living trust are not subject to probate. This means your beneficiaries receive their inheritance smoothly without the ccourt’sintervention
• Establish a succession plan. A succession plan identifies who will take over the business if you become incapacitated or pass away.
• Don’t forget about taxes. When done correctly, an estate plan can reduce estate taxes and tax liabilities for your business and its heirs.

A strong estate plan allows business owners to control the future of their business after death. It also helps to prevent disputes between heirs over ownership and management. Ultimately, an estate plan can protect your business from undesired outcomes such as forced liquidation or unintended beneficiaries.

Talk With an Oak Brook Estate Planning Attorney

Estate planning for Illinois business owners is crucial. An experienced estate lawyer can guide you through the process so you don’t overlook anything. And you can be sure your plan complies with Illinois laws. To talk to an estate and trust attorney today. Contact the Estate & Probate Legal Group at (630) 864-5835.

AREAS WE SERVE: Cook, DuPage, Kane, Lake, Kendall and Will counties