Chesapeake Business Owner Estate Planning Lawyer
As a business owner, your company is likely a large part of the legacy you want to leave behind. Unfortunately, without proper planning, your business may be at risk of dissolving in the event that you become incapacitated or pass away. Estate planning as a business owner requires careful thought about who you would like to take over the business in the future, and a strong plan to make sure it is protected. Below, our Chesapeake business owner estate planning lawyer explains the strategies to use.
Benefits of Business Owner Estate Planning
Business owner estate planning can become complex and so, it is recommended that you work with our attorney who will always be in your corner. We will guide you through the most important aspects of estate planning so you can feel confident knowing that all of your concerns are addressed. Some of the biggest benefits of business owner estate planning are as follows:
- Avoid probate and long legal disputes
- Establish a monetary value for the business
- Eliminate or reduce estate taxes
- Select a business entity that is specifically tailored to the unique needs of you and your business
- Provide for transferring business interests to partners
- Develop a strategy for the transfer of taxes, expenses, and other expenditures
- Determine who will operate the business
Elements to Include in Your Estate Plan as a Business Owner
There are many key elements to include in your estate plan as a business owner. The ones you use will depend on your personal situation, as well as your goals for the business. Some of the most important elements included in business owner estate plans are as follows:
- Business succession planning: All business owners should have a succession plan in place. This plan will outline who will take over business operations, the circumstances that will require them to do so, and how the transfer of ownership will occur.
- Buy-sell agreements: A buy-sell agreement is a legal contract between business partners. It outlines the terms that allow one partner’s share to be bought out by the others and how a buyout can happen in the event of retirement, divorce, incapacitation, or death. Buy-sell agreements are critical for businesses that have more than one owner.
- Trusts: There are a number of benefits that come with establishing a trust for the property of a business. Trusts also provide many tax benefits and can shield assets from personal liabilities.
- Power of attorney: A power of attorney gives another person the authority to make decisions on behalf of a business owner in the event that they become incapacitated. This allows business operations to continue even in unforeseen circumstances.
Our Business Owner Estate Planning Lawyer in Chesapeake Can Advise On Your Case
At The Law Office of Angela N. Manz, our Chesapeake business owner estate planning lawyer has the necessary experience to develop a plan that protects you and your company. Call us now at 757-271-6275 or fill out our online form to request a consultation and to learn more about how we can help.
