Your small business means everything to you. You started it from scratch and built it into a thriving venture in less than five years, and you legitimately feel deep down that you’ve thought of everything to protect it and ensure its success for years to come. Well, except for creating an estate plan — you’re convinced something like that can wait until later.
With all due respect, you couldn’t be more wrong on that last part. Estate planning isn’t just for the wealthy. It isn’t only for families, loved ones, and mega-corporations. Small-business owners need an estate plan, too. I mean, think about it …
What if you’re in a car accident and end up in a coma for several months?
What if you pass away unexpectedly? Imagine if you suffer a life-threatening illness.
When tragedy strikes, you hope to have answers to these and other questions from a personal perspective. But take it a step further and ask yourself: What happens to my business in such a situation? Does it continue to run seamlessly? Who ensures that happens? What happens to your family and employees? The reality is that none of us knows what will happen tomorrow; one of life’s many what-ifs is always around the corner. Therefore, business owners should be as proactive as possible and craft an estate plan that makes their wishes known and protects what they’ve worked hard to create.
7 Reasons Why Small-Business Owners Need an Estate Plan
Business continuity — There’s a clear plan in place if you want the business to continue operating without you.
Legacy guidance — You can share your core principles, how to take care of clients and address matters such as who should be in charge, what should happen to your employees, and whether you’d consider selling the business.
Increase business value — Your family will reap the benefits of your hard work long after you’re gone.
Wealth protection — You won't have to worry about your wealth being vulnerable to creditors, lawsuits, and probate.
Avoid default state laws — Ensure what happens to your business always aligns with your goals.
Mitigate family discord — With a carefully crafted estate plan, all family members will know what to expect.
Minimize estate and gift taxes — Paying close attention to tax-saving strategies ensures your family keeps more.
Call Caitlyn Ashley Law Today!!
None of us will know what is around every corner in life. And just thinking about the what-ifs — what if I were to die or become incapacitated tomorrow; what if my child with special needs has no one to care for her; what if all my “stuff” isn’t passed onto the right people — can be overwhelming. But having a plan that accounts for your family’s unique circumstances, puts your affairs in order, has concrete solutions to your concerns, lays out your wishes and goals, and protects your family’s future provides peace of mind for the road ahead.
Caitlyn Ashley Law in Denton, Texas, will counsel you on which documents best suit your needs and ensure they are flexible enough to meet your changing needs for years to come.