Estate Planning for Small Business Owners

With advancing technology increasingly at the fingertips of every person in the country, more and more people are opening their own businesses. While owning a business offers the advantage of creative freedom and growth, business owners often also feel the pain of financial stress much more substantially. Because there are a number of complex decisions to make, and often a number of people dependent on them to make the appropriate decisions, it is critical that business owners have adequate estate planning tools in place. The following will outline some of the important issues that a business owner should be prepared to discuss with his or her estate planning attorney.

Control and Management Issues

It is important for business owners to take longevity into consideration by making sure that estate plans describe exactly how ownership will be controlled. If there are numerous issues involved, it is critical to have a written agreement that covers some of the unique situations that can occur within a particular business. An experienced estate planning attorney can help you create documents that will effectively control any plans that you might have concerning your business.

Complications with Family and Workers

Even if no potential family member or worker is interested in inheriting a business, it is critical to consider how that company will be managed and ultimately sold after the owner passes away. While family members and workers might respond positively while the owner is alive, the death of a business owner can lead to uncertainty. Account for any and all possibilities in your estate plan, and your business will be able to survive any issues or changes that might arise.

The manner in which a corporation is structured can greatly impact your estate planning. To ensure you are adequately covered, obtain the assistance of an experienced estate planning attorney.

Estate Planning Documents

If you die without any type of estate planning documents in place, Oklahoma intestacy law will determine how your business is managed as well as how your assets are sold. In situations in which a person does not have a last will and testament in place, a probate judge will often appoint an individual to operate the business and the probate court will continue administrative control over the company until it is sold. To avoid scenarios like this, you should not hesitate to speak with a knowledgeable lawyer right away.

Speak with an Estate Planning Lawyer

If it is properly written, a will or trust can help make sure that the proper individuals are appointed to fulfill the wishes that you have for your business. Creating proper estate planning documents that take all possibilities into account, however, can be challenging, which is why it is a wise idea to obtain the assistance of an experienced estate planning attorney. Contact attorney Jim A Lyon today to schedule your initial free case evaluation.