Estate Planning for Business Owners


Estate Planning for Business Owners Image

 

An estate plan is an essential tool for anybody looking to protect and control their hard-earned wealth and assets. This is especially true for business owners. Whether you're running a legacy business to pass down to your loved ones or simply want to ensure your wishes are protected in your absence, building an estate plan with an experienced and qualified legal expert will protect what is most important to you. It will help guarantee that the terms of your plan are completely and lawfully enforceable.  

When running a small business, estate planning is not always front of mind or a top priority. But, as the saying goes, failing to plan means you're planning to fail. Understanding the cost and consequences to your business, your loved ones, and your successors when there's no legally binding blueprint in place might shift your perspective.

If you're a business owner, you already carry a considerable amount of responsibility on your shoulders. Lancaster Law Firm is dedicated to supporting and assisting you with the burden of preparing and protecting your business and the assets your business helps secure. To help encourage you to take action, let's break down estate planning for business owners and share tips and steps to help guide you through the process.

Thinking About Business Succession and Estate Planning

The estate planning process in Mississippi involves some upfront costs and can get increasingly complicated depending on individual circumstances. However, avoiding the expense and headaches you and your loved ones could face without an estate plan is worth it.

Your lawyer will be the primary resource to bring you clarity and peace of mind with your estate plan. You'll want to hire a professional with both business and estate planning experience to protect what matters most to you.

The Right Attorney Can Help You With The Details

Lancaster Law Firm can assist clients with the particulars of business and asset protection. We can help tailor legal solutions and resources to fit your unique needs. 

Our expert team can help you:

 

  • Formulate your wishes for your estate and make sure those wishes are followed.
  • Recognize how state laws can affect your business and make adjustments accordingly.
  • Address common estate planning myths and misconceptions.
  • Provide trust considerations depending on the type of business you own.
  • Designate a trustee or trustees of your choosing to handle the distribution of assets and succession and shares of your business.
  • Clarify tax laws and implications to maximize the value of your assets
  • Protect your business in your absence and ease the transition of your company.

In addition to speaking with legal experts, we recommend you include your family, partners, successors, and other crucial stakeholders in the conversation when it comes to planning and preparing for the eventual evolution of your business after you pass. Having a clear action plan in place is crucial while you still have an active leadership role in your business. 

Once we determine exactly what you want, we can help you develop, amend, and update any succession plan or legally-enforceable agreement detailing what happens with the financial aspects of your business. 

If you're ready for the peace of mind you'll have with a clear plan for the future of your business, contact us today to start creating your estate plan.