All Business Owners Need a Will or a Trust
Consider the effects that your death with have on your family and business. A simple will or a trust can avoid many issues for your business and family . . . while minimizing the effects to your estate from the ravages of the federal estate tax.And don’t forget about Power of Attorneys for Health & Property!
Inevitably, every entrepreneur must face their mortality.
Upon your death, a business owner's family will face many problems, taxes and uncertainties. If you have not yet taken the time to write a will, your family and business will face difficult issues without any of your guidance, making transition that much more difficult.
Entrepreneurs, regardless of their age, should take the time to plan for their business - no matter what the size - upon their death.
Your business is your "baby" and you have been caring for it, nurturing it, and watching it mature and succeed. Your business also represents a sizeable investment for your family. Like a member of your family, provisions should be made for your business interests upon your death. A will or trust can help save the business after your death or illness.
Did you know that the value of your business will be added to your estate and taxes will have to be paid on the value of the business? A properly drafted will or trust should help ease the tax bite as part of an overall estate plan.
A will or trust helps your estate planning issues for both your family as well as for your business. A properly drafted will or trust can help minimize taxes and maximize the amounts available to your spouse and children.
There are many other reasons to have a will or trust.
- Why should you leave the issue of who should raise your children to the courts to determine? That is what will occur if both you and your spouse die intestate, that is, without a will.
- Who will manage your business after your death or illness. Similarly, if you want your management team to continue to operate your business after your death, these provisions can be made in your will or trust
You should also have a Power of Attorney for Health and for Property to appoint someone to manage your affairs if you become incapacitated for any length of time.
A living trust may be the better way to provide for continuity of your business and your will avoid probate of your business when you die. You can make provisions as to who will manage the business as well as succeed you in ownership.
We have always strongly urged our business clients to take the time to prepare a will or trust. It is the best form of protection for your business and family. The firm of Bellas & Wachowski Attorneys at Law can help you make the necessary decisions in a cost-effective manner. Contact Attorney Tracy Ries at email@example.com 847.823.9030 x221 for more information.