An estate plan should be tailored to your specific needs, and that means that you need to make special considerations when you have a business of your own to run. Now this plan isn’t just about you. It’s about you, your company, and your employees. A Rockland County estate planning attorney from our firm can help you prepare for the worst and reduce any kind of negative impact on the company that you own.
Who Should Have Power of Attorney If I Own a Business?
Financial power of attorney gives someone the power to make financial decisions for you if you were to become incapacitated. It’s an important element of any estate plan and it’s critical to choose the person for this role well. This choice is especially important for someone who owns a business though.
This would give someone the power to act on behalf of not just you, but your business. It’s a good idea to identify a few good candidates for this position and talk to each of them before you make any decision. Then you can pick someone who can handle this responsibility.
Do I Need a Business Succession Plan?
You’re also going to want to have a business succession plan in place. This can cover a wide variety of important matters, including:
- Who gets your business or your share of a business
- Who is trained as a successor
- Whether any outside advisors or experts need to be brought into this process
- Whether the business will continue to run or be sold off
- How employees and stakeholders will be compensated
What Else Should I Include?
You could also think about adding some or all of your business assets to a trust. This can sometimes be a good way to protect them and make it easier to pass them on to a new owner. You should also plan for any taxes that might be owed. A business can increase in value between the time you set up your estate plan and the date that you pass away, so thinking ahead in case your estate owes taxes is a good idea.
Should I Talk to a Lawyer?
We always recommend having a lawyer help when preparing an estate plan, but it’s especially important for someone with a business and its future to plan for. We can help you protect your assets and make sure that your business continues to live on in the way that you would prefer. It’s tough to plan for absolutely everything, but we will do our best to ensure that nothing important gets left out.
Contact Our Firm Today
If you are ready to make an estate plan of your own, contact the Lauterbach Law Firm. Whether you have a business, a massive estate, or just a few assets you want to pass down to the next generation, we can help you make a plan that works for you.
