If you own your own business, what will happen to it and to all your clients if you should pass away tomorrow? No one thinks they are going to die tomorrow, but it happens to people every day and many are not prepared. Without a business plan in place to continue to provide services, or to notify clients and pay outstanding liabilities or cancel recurring orders, a business can quickly sink into financial trouble; which can end up causing family or loved ones time and money.
An estate plan can help provide guidelines for someone to either take over a business or to manage the business only long enough to sell it. You need to designate someone you trust to close the business or to run the business. An estate plan can provide a process for notifying clients and for temporarily suspending business operations while details are sorted out.
It is wise to sometimes provide flexibility for the person you designate to choose whether to continue the business or to sell it. You should also provide a plan for the proceeds of the business. Should the proceeds from the sale of the business be divided among the beneficiaries of your estate or should they be given only to the person who sold the business? Who will pay the taxes on the proceeds?
There are many decisions which can go into a plan to prepare for the continued operation or sale of a business but before you get overwhelmed thinking about all the ?what if?s?, the first step is to meet with an experienced estate planning attorney who can help you determine what you have to decide now and what can wait.
Getting Legal Help
Experienced California Trust and Estate Planning Attorney David Pastor has helped many people protect loved ones and create a plan which allows individuals to maintain control over the important decisions in their life. Contact us today for personalized help at 925-932-3346.
Source: http://walnutcreekestateplanningattorney.com/1193/sole-business-owners-need-an-estate-plan/
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