Friday, May 13, 2016
Estate planning is often a difficult task for those seeking to plan their end of life finances as well as how their assets will be disposed at death. When this planning involves a business the problems and potential issues multiply. As a result, here are some things to keep in mind when faced with estate planning for a business:
- Prepare a will that dictates how the business will be passed along. In addition, completing a power of attorney will help smooth the transition process.
- Make sure there are buy-sell agreements in place and that they are regularly updated. This will give any surviving owners the right to buy out a deceased individuals stake through prearranged means.
- Make sure that a plan is in place for the future of the business for the incapacitation of the owner. As a person grows older, there are a multitude of afflictions that can leave a person alive but unable to manage their own affairs. Making sure a succession plan is in place for such a situation is always a good bet.
See, Four Tips For Successful Business Succession Planning, Taft Law, May 11, 2016.