Proper estate planning when you have a business is essential. A business is a valuable asset and if you don’t plan properly, much of its value could be lost instead of going to your family once you are gone. This would be a shame, especially if they worked alongside you for many years in the business and love it as much as you do. No one knows when they are going to pass on; it may be sooner than you think, so it is important to plan properly ahead of time so your last wishes will be carried out. Then your business and other assets will go to your loved ones; those you choose to inherit them.
Estate planning and business succession is an integral part of owning a business – or should be – and your lawyers will help you to draw up a proper Will. But there is much more to it than that. You can save a lot of tax and ensure money is kept safe by adding family trusts, or a charitable trust if you have no family. You can ensure the business is run properly if you are not able to do it, and can keep it safe from people you don’t fully trust to keep it going the way it should. Many family members simply want to sell off all the assets so they have money to spend and waste. This can be unfortunate if there are younger members who need it for education or simply to live on, if they are disabled and cannot care for themselves.
We are highly experienced in estate planning and can see to it that everything is drawn up legally so your wishes are carried out without fail. We are happy to work with any other financial advisors you may have such as accountants or business advisors, to bring about the best results for you and your business. Once you consult us about your estate planning, we’ll be able to show you the many ways in which we can help you keep that business in the family. Implementing the plan can be done from our end so you don’t lose time working in your business.
In fact, we know that business succession actually starts from the first moment you structure your business and progresses and grows over the years as your business expands or when it takes a new direction. If it is done properly for the type of business you have, your family will pay less tax on the business and the assets you have accrued with it. Our legal experts are well able to ensure your business succession is planned for to reduce tax and other costs and so your family will be taken care of should you be unable to do it.
While it may seem like an unpleasant topic, it must be addressed and the wise business owner will ensure that everything is done properly so the dream of their business doesn’t turn into a nightmare for their family once they are gone. And of course, it can be an advantage to do this while you are young enough to think clearly and know what you want. Having an estate plan drawn up is an essential part of every business. Once it is done you’ll have peace of mind that everything will happen the way you want.