If you're a small business owner, do you have plans in place to take care of your business in the event of your incapacitation or in the event of your death? I think for most small business owners the answer to those questions is no. But in today's short video, we'll talk about why the answers should be yes, and why estate planning for small business owners is extremely important.
Generally speaking, small business owners have a more complicated situation when it comes to estate planning because they have a business to think of and they have to plan for in the event the owner becomes incapacitated or dies.
Think about this: What would happen if you, the business owner, become incapacitated and not able to run the business, handle payroll, sign checks, and manage the company either from a day-to-day operational perspective or a high-level manager perspective? Who's going to run things and do these things in your absence? Is there presently a plan in place giving this person or persons lawful authority to run the business?
Or consider this: What happens if you die unexpectedly, still owning the business? There's probably some value in the business, but how will it continue to be operated and then passed on to others or sold so that your family can benefit from your hard work over the years? Should this happen, is there a plan in place that will work under the law to carry out your wishes?
I think for most business owners the answer is that there is no plan in place and that's a big problem. It's a great big problem if much of your net worth is tied up in the business. If you're a business owner, you owe it to yourself and to your loved ones to ensure that your planning is in place and you owe it to yourself as well. You need to ensure that planning is in place to allow for the operation, management, and control of the business in your incapacity or extended absence, and then also to allow for the operation, management, and then the transfer or sale of the business upon your death.
To talk about getting your ducks in a row contact us here at The Beck Law Firm, LLC. Give us a call and ask for free information on estate planning in Georgia and we'll send it to you in the mail, no strings attached. Let us know you're a business owner so we can add in some additional information relating to your situation. You'll be very glad to become educated on your situation and your options and when your planning is in place you and your loved ones will have peace of mind.