Most estate planning articles focus on either the individual or the married couple. What about businesses, though? After all, they don’t always last forever either.
Indeed, if you own a very small business or a sole proprietorship, it may die along with you. Is that what you want? And if so, what happens to the business assets when you go?
Or maybe you own a small company with a business partner or other family members. If you were to die unexpectedly, how would ownership shift?
This is an extremely common problem.
People start businesses with friends and family every day, often unsure as to whether they’ll ever get off the ground. Eventually, they do, and profits start rolling in. But one day leads to the next, each busier than the last, and no one ever gets around to all the proper paperwork. And then tragedy strikes with nary a warning.
We recently came across a nice synopsis of this issue in the Orlando Business Journal.
“The cases are legion in which substantial amounts of personal wealth and businesses assets have been dissipated or lost by virtue of estate and trust litigation,” the Journal writes. “Disputes over estates, trusts and related business interests have consumed many a family fortune.”
Don’t let that happen to yours. Your business — whether individually owned or a family affair — needs a solid succession and estate plan in place.
Our office can help. We understand that, when you’re dealing with a small family business, the lines between personal assets and business assets can seem confusing. Achieving clarity there is important, though, and can spare your family a read headache in the future.
Call us today to find out how we can help.