4 Estate Planning Considerations for Business Owners

As a business owner, it’s important to have a solid estate plan in place. This is especially true if you are the sole owner of your business. If something happens to you and you don’t have a success plan and estate plan in place, your loved ones could wind up dealing with a lot of complicated legal issues. That’s why it’s so important to include your business in your estate planning.

I’m Paul Margerie, an expert estate planning lawyer helping people just like you build out their estate plans. Through my practice, Margerie Law, I help individuals, families, and business owners in Milwaukee, Brookfield, Waukesha, Wauwatosa, and beyond. In this blog post, we will discuss some of the most important considerations for business owners when it comes to estate planning. We’ll also talk about why Margerie Law is a great choice for business owners looking for an experienced estate planning attorney.

As a business owner, there are a few key things to keep in mind when you are estate planning.

Determining What Comes Next

First and foremost, all business owners need to have a plan in place for what will happen to the business should they pass away or become incapacitated and unable to perform their duties. This could mean creating a succession plan and naming and training an individual to take over your role and duties. This could mean selling the business or allowing it to be acquired by another business. This could also mean closing the business. This is an incredibly important consideration, because without a plan, your loved ones could be left scrambling to figure out what to do with your business without knowing your wishes and preferences. You’ve worked hard to build your business and deserve the opportunity to determine its future.

Naming Beneficiaries and Agents

Another important consideration for business owners is naming beneficiaries for business assets and outlining important information for future management. If your plan is to close the business upon your death, you will need to determine who will inherit any assets contained in or owned by the business. This may include real estate, vehicles, stock, monetary assets, or inventory.

If you wish to keep the business open upon your death, you will want to outline who should oversee the various business functions and keep this information somewhere safe and accessible by the next manager. This outline may include contact information for a financial advisor, a lawyer, and other professionals who can support the person taking over for you, as well as your wishes for how the business should be run.

Notifying Key People of Your Plans

It’s also important to notify key people of your estate plans. This includes your business partners, employees, family members, and friends that play a role in the day-to-day operations of your business. They need to know what to do and what will happen in the event of your death or incapacity. If your business is jointly-owned, it will automatically pass on to the joint owner in the event of your death. If you are the sole owner, you need to make other arrangements and consider the impact of your choices on those who are employed with, or are otherwise impacted by, your business.

Retaining an Experienced Estate Planning Attorney

Finally, it’s important to retain an experienced estate planning attorney to help you build out your plans and make sure they are solid and secure. As an experienced estate planning attorney, I have a robust background in helping business owners just like you create comprehensive estate plans that protect their businesses and loved ones. I can help you navigate the complex legal landscape and make sure your plans are tailored to meet your unique needs.

If you’re a business owner in Milwaukee, Brookfield, or a nearby community, I invite you to contact me today to learn more about how I can help you with your estate planning needs. I hope this blog post has helped to shed some light on why estate planning is so important for business owners. If you have any questions or would like to learn more about how Margerie Law can help you, please don’t hesitate to contact us today. We’re here to help!