7 Benefits of Estate Planning
A sophisticated business person with a lot of foresight will prepare for future events and the possibility of unforeseen and unhappy events. Here we present what some of the benefits of estate planning are for a business owner:
- Business estate planning helps make sure that your business will smoothly pass on to your next generation or be sold to provide benefits to your beneficiaries. Many business owners wish for their brand name/legacy to stay within their family after their death, proper estate planning helps in this endeavor.
- Tax minimization is a method which blesses anyone and everyone who makes use of it. If you are a person running a successful business enterprise you know the impact of taxes. However, there are certain steps that can be taken to eliminate or reduce inheritance taxes. Sometimes establishing a trust makes sense and other times it does not. It is unique and custom to fit the needs of the business owner. A cost benefit analysis may be required in deciding if a Trust is appropriate or not for your needs.
- Good estate planning helps ensures that all that you have created is not destroyed after your passing. We can help preserve your thoughts and ideas (your intellectual property).
- Proper estate planning will also help a business owner deal with times of disability or unexpected times when the business owner is unable to be contacted.
- If one has undertaken business estate planning there is less likelihood of bitter quarrels between all those he or she has left behind. There is a clear cut demarcation on who will get what.
- A business succession plan is a must for a business if you want to retire or at least slow down, yet your business can thrive and be a source of income during your later years. This takes serious contemplation and planning, as we all know flying by the seat of our pants can get us only so far, but when we plan we have a better chance of success, I urge you to consider making an appointment to get the process started so that your life has the goals and the tools to make this area of your life productive and rewarding.
For more information, call us at 717.432.2089