Small Business and Business Software

Estate Planning For Small Business Owners

Estate Planning For Small Business Owners – Welcome to AFJ Legal Group Welcome to AFJ Legal Group Welcome to AFJ Legal Group Welcome to AFJ Legal Group

We are committed to developing innovative legal strategies to see your case through and achieve the results you desire.

Estate Planning For Small Business Owners

Estate Planning For Small Business Owners

Don’t leave it to chance – choose a lawyer who is fearless, loyal and will fight for the results you deserve.

Terminating A Florida Living Trust After Administration

Don’t wait! Contact us for a free telephone consultation. Let us find out what your best next steps are to get the results you want.

AFJ Law Group PLLC serves all of Michigan: Oakland County, Macomb County, Wayne County, Armada, Bruce Twp., Center Line, Chesterfield, Clinton Twp., Eastpointe, Fraser, Harrison Twp., Lenox Memphis, Macomb Twp. , Mt. Clemens, New Baltimore, New Haven, Ray Twp., Richmond, Romeo, Roseville, St. Clair Shores, Shelby Twp., Sterling Heights, Utica, Warren, Washington Twp., Oakland County, Auburn Hills, Birmingham, Bloomfield Hills, Clarkston, Clawson, Commerce, Davisburg, Farmington, Ferndale, Franklin, Hazel Park, Highland, Holly, Huntington Woods, Keego Harbor, Lake Orion, Lakeville, Leonard, Madison Heights, Milford, New Hudson, , Oakland, Ortonville, Oxford, Pleasant Ridge , Pontiac, Rochester, Royal Oak, South Lyon, Southfield, Troy, Union Lake, Walled Lake , Waterford, West Bloomfield, White Lake, Wixom, Wolverine Lake, Wayne County, Allen Park, Belleville, Brownstown Twp., Canton, Dearborn, Dearborn Heights, Detroit, Ecors, Flat Rock, Garden City, Gibraltar, Grosse Ile Twp., Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Pointe Woods, Hamtramck, Har za Woods, Highland Park, Huron Twp., Inkster, Lincoln Park, Livonia, Northville, Northleville Plymouth, Redford, River Rouge, Riverview , Rockwood, Romulus, Southgate, Sumpter, Taylor, Tren ton, Van Buren, Wayne, Westland, Woodhaven, Wyandotte, Washtenaw County, Ann Arbor, Chelsea, Dexter

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with that of all other users. Just as each of us plans to transfer our personal assets to our heirs, we as small business owners must plan for their disposal. businesses. Your small business needs estate planning just like you.

The estate planning attorneys at Brady Cobbin Law Group, PLLC can help. We have over 35 years of experience helping people in North Carolina plan for the future and the future of their small businesses.

Estate Planning For Small Business Owners

A small business can have both assets and liabilities. A business can own real estate and stocks. It may also have liabilities to employees such as pension funds.

If a small business owner dies without legal documentation of what happens next to the business, the uncertainty about its future can be confusing and detrimental to the business. The same can happen if the small business owner is incompetent and has no one legally authorized to make certain decisions.

A small business tied up in probate court, especially if the deceased owner’s heirs are fighting over the estate, can grind to a halt and fail. Probate, the legal process of paying off a deceased person’s debts and distributing assets to the right beneficiaries, can be lengthy and expensive if the deceased left no plans or instructions.

READ  Small Business Saturday Prescott Az

Estate Planning For Small Business Owners

Without a will or similar estate planning document that addresses the settlement of the decedent’s affairs, it becomes another property of the estate in probate. Day-to-day business may continue for a while, but eventually there will be no one to sign leases, make deals with vendors, or borrow money for expansion on behalf of the business. A better alternative is to have a legally documented plan that determines the disposition of the small business.

The Personal Guarantee: 5 Ways Small Business Owners Can Reduce Their Liability

Estate planning is about transition. For small business owners, the business ends when it changes ownership or when the owner dies. If the business is more than just a sole proprietor, the current owner has people counting on it to survive. As a small business owner, you will be doing your business and your heirs a big favor by preparing for an orderly transition when you are no longer in business.

Here are five legal documents that our estate planning attorneys expect to discuss with small business owners:

With an estate plan, your wishes are clearly stated, signed and verified. Courts will rarely overturn the deceased’s expressed wishes without convincing evidence of lack of capacity or undue influence in handling the documents.

Estate planning for a small business should be part of your business’s long-term plan. It helps prepare the business for the future and prevents uncertainty about leadership and direction.

Sophisticated Woman Magazine

Raleigh, NC to review strategies and documents to protect your small business. Meet an experienced estate planning attorney at Brady Cobin Law Group at We have advised a wide variety of business owners throughout North Carolina and understand the unique needs and challenges small business owners face. Contact Us Today For business owners, estate planning can seem like just another task on a long to-do list. Having a solid asset and succession plan is critical to the long-term success of your business. If you are unable to make business decisions or die unexpectedly without an estate plan, your heirs may struggle to keep your business afloat.

When planning your estate or business succession, start with a functional outline. Don’t be afraid to set a plan that still needs some fine-tuning. Write your thoughts. Even simple notes are better than leaving your loved one stranded and struggling to deal with emotional turmoil.

A lawyer can help you draft a will and contingency plan, but they may not be the best tax expert. A financial professional can work with you in the inheritance process. The goal is to transition your business with a strategy to manage the impact of state, federal and local income taxes on the transaction.

Estate Planning For Small Business Owners

One of the biggest sources of friction in a business transformation process can come from the hurt feelings of those involved. Disputes between families can stem from miscommunication or unmet expectations. If your child is expected to run the business in your absence because you appointed someone else for the role, it can be difficult for your loved ones to pull together.

READ  Cisco Small Business Poe Switch

New York Estate Planning & Elder Law: Small Business

Even if you suspect that this discussion may cause some friction, it is important to communicate your intentions and plans to those involved. It is time to work on these issues before they become necessary, not after it is too late.

The opinions expressed in this material are for general information only and are not intended to provide specific advice or recommendations to any person.

This information is not intended to be a substitute for specific personal tax or legal advice. We recommend that you discuss your specific situation with a qualified tax or legal advisor. If you don’t already have a Google Account, you should use it to read and post reviews, as well as access other Google products like Gmail.

We strive for 100% customer satisfaction. If we fall behind, please let us know more so we can address your concerns.

Triton Financial ยป Services

Small businesses are the backbone of the United States economy. OUR. 28 million small businesses. OUR. Compared to 18,500 large companies based in

Additionally, of the 28 million small businesses, many do not operate without employees other than the owner. And a recent Forbes study, based on a survey of 513 small business owners, found that 30 percent do not have an up-to-date estate plan to outline the future of their business, necessitating a discussion on such a topic. Certainly, estate planning is a must for small business owners because it is the best way to protect the interests of their business operations for the entire future.

When asked, small business owners have a variety of reasons for not having an estate plan. The survey defined having an estate plan as the least desirable. Some small business owners say they do estate planning because they don’t want to face the concept of death. Others find estate planning too complicated and stressful. Additionally, 30 percent of people who don’t have property plans said they don’t need one.

Estate Planning For Small Business Owners

Yes. When a small business owner dies without an estate plan, the uncertain future of the business can cause considerable confusion among the survivors. This type of confusion often occurs when a person owns a company and has no employees. Bereaved loved ones often do not have access to business bank accounts or the authority to write checks to cover outstanding debts, or do not know the passwords to log into the relevant business accounts.

Effective Estate Planning Options For Small Business Owners

Along with the practicalities of managing a business after the owner’s death, small business estate planning can provide tax benefits. With a little time and planning,

Leave a Reply