Got A Plan For Your Business If You Die?

Amid life’s ups and downs, we can quickly forget that life is short. We have all been driving down the road and seen that proverbial handmade sign held by a grieving person. You might be quick to pass judgment and think why didn’t they plan better? My thought is always that it could be me and I need to look into speaking with an attorney for estate planning & planning for my business as a going concern. Do I have a large estate? Do I have a large business?

No, but that doesn’t matter. 

We all have things that we deem important and of course, our business needs a plan in the event of our death. It is more crucial if you are a family-owned business.  According to CPA Practice Advisor, “72% of Small Businesses Don’t Have Succession Plans.”

Here are a few professionals you should have on your list to discuss this important topic:

Estate Planning Attorney - An attorney who specializes in estate planning can be invaluable to help create a will, a trust, power of attorney, and an advance healthcare directive. In short, they can help make sure your assets are protected. We have all read the horror stories of celebrities like Prince and Aretha Franklin who died without a will. Check out this video by Las Vegas Estate Planning Attorney Shane Jasmine Young to learn more about this.

Financial Planner/Advisor - A financial planner can help you strategize how best to minimize tax liabilities and discuss the best way to structure your assets. Check out this link for a fee-only financial advisor directory.

An accountant that does tax or an Enrolled Agent - You probably already have a trusted professional that you work with during tax time. It would be wise to set up a meeting to discuss how to minimize your estate taxes.

Business Attorney - This professional will help with all things legal related to your business matters. They can help ensure that if you wish your business to either be sold or continue to operate after you die takes place.

Business Valuation Expert - This professional can help you assess the value of your business and will help you sell it upon your death or transfer ownership to someone else.

Insurance Professional - This professional can help you determine the role life insurance plays in making sure your business is taken care of in the event of your death. 

We all think we are going to live forever but alas we are not immortal. It is wise to give time and consideration to what happens to your business when you die so you don’t leave your loved ones holding a sign on the street corner.

Keep IT Sunny~