Owning a family business highlights unique concerns for the company owner as well as the other family members particularly as it relates to estate planning. Finding the right lawyer can make a big difference.
For many family businesses, it can be difficult to broach the subject of estate planning to begin with. In many situations the founder of the company may not trust his or her heirs to take care of the business if the assets are transferred, or he or she may not be comfortable thinking about mortality. There are numerous different dangers associated with failing to take action in terms of estate planning.
External threats may include challenges such as market fluctuation, bank security, or economic downturns. Unfortunately, many family businesses also struggle with internal threats such as sudden death, illness, divorce, family disputes, unexpected litigation, business failure, freezing of accounts associated with probate, claims for past taxes and personal guarantees.
Trusts and holding companies may be used to help protect hard earned wealth. Getting advice from outside professionals is strongly recommended if you own a family business. It is extremely important as well to think about business succession planning. Business succession planning allows you to identify who will be responsible for taking over the business when the current management moves on. Business goals should be carefully evaluated during this process.
A family business requires careful considerations for the individual owner, who must think about the future of the company and the family. Make sure your individual estate plans are in order by speaking with an experienced Georgia estate planning lawyer.