How can I ensure my business continues on with the next generation?
Running a business can be
Everyone Needs a Will
A will is critically important for everyone to have. With a will, you can name whom you would like to receive your assets at the time of your death. You can also name a guardian for your minor child and present your wishes for burial. If you die without a will in California, your estate will be passed to your closest living heirs in accordance with state law. You will have no say in who receives what, and your heirs will be left with no guidance as to your wishes.
Most Business Owners Will Benefit From a Trust
With a trust, your assets owned by the trust will not be subject to probate. These assets, which may include the business, will pass to your beneficiaries in a seamless fashion. This will save your heirs time and money, ensuring a greater share of your
Business Owners Must Plan for the Future of the Business
In addition to a will and a trust, business owners will want to plan for the future of their business with a business succession plan. A business succession plan is a plan for what will become of the business upon your death. You have several options when it comes to business succession planning, including leaving the business to a family member or directing the sale of the business. Your estate planning attorney can assist you in developing an estate plan to protect both your assets and your business. Contact us today.