Running a successful business takes a great deal of commitment and work. If you are one of the lucky ones whose business has withstood the test of time, you more than likely want to make sure that it outlasts you. Perhaps you made arrangements within the company to make this happen, but have you considered using estate planning to help ensure the smooth transition of ownership after your death?
It may not be pleasant to consider your own mortality, but when it comes to your business, you have probably already realized that planning is crucial. Without it, your family could face significant challenges pertaining to your company after you pass away. They could end up paying more in taxes and face possible litigation along with conflict and confusion.
What are your options?
There are numerous strategies you can employ to make the transition smoother and less costly. Through family trusts, estate freezes and other estate planning measures, you can pass on your company with less fuss and frustration. Perhaps you need help determining which of your loved ones would make the best successor. Or maybe you need to figure out the needs of shareholders, clients, employees and, yes, your family members as they pertain to the longevity and continuity of your business.
A lawyer experienced and knowledgeable in estate planning could prove invaluable as you attempt to answer these questions and address your concerns. Once you have a plan in place, it can be documented so that everyone is aware of what will happen to your business upon your death. Doing so could give everyone with a stake in your company the peace of mind that you have addressed as many aspects of the business succession as possible, and you can get back to doing what you do best – running your business.