Seven things estate planning can do for you and your business, Harrisburg, PA
Estate planning is something a business person with a lot of foresight will do to counter any unforeseen and unhappy event which can take place in his or her life. Here we present what all the benefits of estate planning are:
- Estate planning can provide you with the chance of buy-sell agreement. In the case of the death of a person who is a co-owner of a business, this will ensure that the other person or persons will be able to buy the interest of the dead person. Hence, the spouse or children or other beneficiaries of the dead person do not become the part owners of the business.
- Estate planning will make sure that your business will smoothly pass on to your next generation. Brand owners, at most times, wish for their brand name to stay within their family even after their death. If they have undertaken proper measures of estate planning, this transition will happen without any hitch.
- Tax minimisation is a tool which blesses anyone and everyone who makes use of it. If you are a person running a successful business enterprise, you will wish for the option of giving your children your business assets. At the same time, you can make for your own self the grantor retained annuity trust or the GRAT. Establishing such a trust will make sure that with time passage as and when your assets grow, they are not cut back due to certain taxes.
- Good estate planning really ensures that all that you have created is not destroyed after your demise. It stays within the family and your thoughts and ideas are preserved and well kept long after you yourself are no more. Certain family owned businesses have been known to go on for generations down the line due to thorough estate planning measures. This will ensure that management of your estate will not be a problem even after the owner is no longer with us.
- Estate planning will also help a business owner in planning for the future of his or her business. A succession plan is a must for a business which is to run for years and years to come. And it takes about ten years for a good plan to be able to settle down. Hence, if you wish for your business to keep flourishing after you are long gone, one should make it a point to take up estate planning well in time.
- If one has undertaken estate planning, after the death of the actual owner, there are likely to be no bitter quarrels between all those he or she has left behind. There is a clear cut demarcation on who will get what without any anomalies.
- Estate planning will also take up the issue of what measures to take to make the business flourish even after the owner’s death. Hence his or her expertise will continue to make the business work and hence, continue to do well.
For more details, contact: SW Lawyers. Call at 717.432.2089.