Estate Planning for Business Owners Part 1

If you have been following our blog, you know the importance of estate planning. You should make sure that when you pass away all of the things you’ve worked for are distributed according to your wishes. Having an estate plan can ensure that your family is going to be taken care of when you are no longer here to do it. Our estate lawyer in Cary NC can help with this.

Estate Planning | Estate Lawyer in Cary NC

One topic we have not covered is estate planning for business owners. You would not leave your business unattended while you take a break or go on vacation, would you? Then you do not want to leave it without direction when you are no longer here to oversee it. Your family and/or business partners need to know what steps to take. In this series our estate lawyer in Cary NC is going to review the process of creating an estate plan for your business.

One of the elements of an estate plan for a business is a succession plan. This will cover the transfer of the business to whomever you choose. There are many details involved in creating a succession plan, depending on if you are the sole owner, if you have other people to manage the business, and how you want to business to continue when you pass away.

If you plan to have someone else manage the business, you will need to delegate duties and ensure that the successors are properly trained. This is also a good step to take for when you plan to retire. Having a solid strategy in place can help your business survive without you.

For more information, stay tuned for other blogs in this series! Questions? Contact our estate lawyer in Cary NC.

Klish and Eldreth, PLLC | Estate Lawyer in Cary NC

Many people have complex financial affairs because of assets such as property or businesses that are co-owned, or because of personal situations such as blended families. If one or more of the following situations, found in our next blog post, applies to you, you may benefit from having an attorney to help with estate planning or draft your estate plan. Be sure to visit back with our blog, soon.

If you need help planning your estate, call us today. We can answer questions you may have about estate planning, wills, power of attorney, and more. Do not leave your family without a plan outlining your wishes. Our offices are conveniently located in Cary, NC. We also handle elder law, small business law, trademarking, copyrighting, and DWI issues.

If you missed previous blogs in this series, be sure to visit them, here:

  • Estate Planning for Business Owners Part 1
  • Estate Planning for Business Owners Part 2
  • Estate Planning for Business Owners Part 3
  • Estate Planning for Business Owners Part 4

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