Estate Planning For Business Owners

Estate Planning For Business Owners-17
Here, we will discuss the four key components of estate planning to make sure you are well set up for success.The most fundamental estate planning tool is a will.

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A revocable trust streamlines the transfer of your assets by helping avoid potentially lengthy legal proceedings and costly court fees.If you have family or loved ones you want to ensure care for in the future, protecting your business is essential.Also, when a business owner dies, their legacy is not the only one that is affected.A party the start-up owner never wanted to have ownership may gain it through the courts without estate planning.In cases where there are multiple start-up business owners, estate planning is especially important to protect each one.Companies that grow to employ several or even thousands of employees will need to ensure those workers are protected.Here’s what small business and start-up owners should know about estate planning and how to start the process.Estate taxes, court battles and arguments among shareholders at your business are likely not what you envision.If you are intent on growing your business into something whose value can benefit your family and loved ones, and you want to preserve the integrity of the business you’ve built, make sure to protect it by making an estate plan part of your business plan.As one Denver estate planning attorney points out, estate planning is vital if the person planning wants to avoid probate, which is the legal process of proving a will in court.When assets exceed a certain amount, the terms of a will may be contentious and cause legal battles among family members and loved ones.


Comments Estate Planning For Business Owners

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