You work hard; in fact, without your long hours, weekends poring over figures, and unwavering commitment to supporting yourself and your loved ones, the small business you’ve built and established wouldn’t exist.

You won’t take unnecessary risks to put that work in jeopardy, either – instead, risks are calculated before deciding if expansion, carrying a new product, or opening a new location is the best option moving forward.

One unnecessary risk many small business owners haven’t thought of: A lack of an estate plan that covers your business.

Per this Entrepreneur article:

As a business owner, it’s quite likely that a significant portion of your wealth–and your family’s source of income after your death–is tied up in the family business. The success of your estate plan is dependent upon the business being transitioned to the next generation or sold to someone outside the family for a fair price. Either result takes years of planning and preparation, sometimes as much as 10 years.

Even if the business will end when you are unable to run it anymore (known as an “owner-dependent” business, implying the business runs as long as the owner is working at the business), there are still probate and tax issues worth thinking through with a qualified estate planning attorney.

Many businesses, however, are intended to be passed on – whether to another owner or a family member. This business interests require a different planning approach to facilitate a smooth transition of the business ownership. In addition, estate taxes levied on the business’ value can be costly – another reason a strong estate plan is necessary to comb through your assets, debts, etc. and create a plan that keeps the most money within the family.

No matter what the situation is with your small business, we can help you plan accordingly to make the best future possible – for employees, family members, and the business itself.

Contact us today!