All Entrepreneurs Need a Will
The Illinois Secretary of State now offers as a public service a depository of Wills. Your Will can be kept on file with the Secretary of State for up to 100 years. The contents are not made public until the death of the person.
Consider the effects that your death with have on your family and business. A simple will can avoid many issues for your business and family . . . while minimizing the effects to your estate from the ravages of the federal estate tax.
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". You have been caring for it, nurturing its growth, and watching it mature. It 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 can do this.
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 should help ease the tax bite as part of an overall estate plan.
A will is an excellent way to help with your estate planning issues for both your family as well as for your business. A properly drafted will can help minimize taxes and maximize the amounts available to your spouse and children.
There are many other reasons to have a will. 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. However, you can make this choice for your children during your lifetime by naming your children's guardian in your will.
Similarly, if you want your management team to continue to operate your business after your death, these provisions can be made in your will.
We have always strongly urged our business clients to take the time to prepare a will. 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 now to take advantage of this opportunity in a cost-effective manner.
Contact George S. Bellas at 847.823.9030 Ext: 219 or firstname.lastname@example.org for more information relating to asset protection for the small business owner and other estate planning issues unique to the small business owner.