Small Business Estate Planning – Protect Your Legacy — According to the article, Estate Planning Actions for the Small Business Owner, death and money are two topics people avoid talking about. Combining the two is estate planning.
What is Estate Planning
In an excerpt from the article, estate planning is the process of arranging for the management and disposal of a person’s estate while minimizing gift, estate, generation-skipping transfer, and income tax. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses.
Do you want someone else figuring out your estate for you if you’re incapacitated or after you’re gone? After all, you want to think about what your legacy will look like from your point of view.
Who will you trust with your legacy?
Small business estate planning is not simply deciding who gets what when you die but who you will trust to continue your legacy. This decision is particularly significant when planning an exit strategy. Do you want to transfer ownership of your company, or do you prefer to sell?
When choosing how to handle your estate, it’s essential to have conversations with significant others and family members to share ideas and let them know why you feel the way you do and how you came to your decisions. Be clear and be prepared – have an open conversation, an open mind, and ask questions.
Also, listening to what they say regarding your plan is critical since your decisions will affect their lives and how others will remember you.
After talking with your loved ones, it’s time to outline your estate plan.
Now is the time to begin your estate planning
Too many times, we tell ourselves there is plenty of time, but how much? If something happens unexpectedly, your loved ones will be left to sort things out without any pre-planned direction from you.
Organize a record of your important documents and accounts so family members can locate them and discuss any changes to your estate plan with your loved ones. Confirm they are willing and able to assume the responsibility.
We all know it’s best to prepare, but also that it is easy to make excuses and get side-tracked when life is busy.
Discussing death and money is never easy, but it is essential.
Contact a trusted advisor to guide you
Crescent Franchise Solutions has your back when making tough decisions. With our experience in exit strategies and succession planning, we will help you address the complexities of planning your estate–including financial, family, tax, and legal issues.
Contact our team to schedule a complimentary review. Call (941) 923-3663 or fill out the convenient online form.
See the article, Estate Planning Actions for the Small Business Owner, for detailed information.
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