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Estate plannning and your business

Estate planning is often thought of as dealing with heirlooms and life insurance payouts once you have passed away. Your business should be handled correctly, though, too. If you have witnessed someone's business fall into the wrong hands after his or her death, you have an idea of what you want to prevent.

Wills, trusts, powers of attorney and other estate planning tools can help prevent your years of hard work from simply going by the wayside upon your death. Here are three ways that estate planning can help your business:

  • You have more options: You will have the option of implementing a buy-sell agreement. This will automatically ensure that any other owners of the business will purchase your shares when you pass away. This will keep your beneficiaries, such as your spouse or children, from inadvertently becoming an owner in the business.
  • You can lower taxes: A grantor retained annuity trust (GRAT) will ensure that the appreciation of your business assets is not lost in paying taxes.
  • Your succession plan will be in place: The only person who really knows why you went into business is you. A succession plan will keep your wishes for your business in black and white. When you have good estate planning in place, the ownership and management of your business will move smoothly and according to your wishes.

Estate planning is much more than just naming beneficiaries for your china. It is about making your wishes known for your business and your family. An experienced estate planning attorney can help you prepare your business for more success after your death.

Source: HuffPost, "5 Things Estate Planning Can Do for You and Your Business," Kc Agu, accessed July 14, 2017

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