Estate Planning As A Business Owner

Estate Planning As A Business Owner

If you own your own business, you know that a lot of time and effort goes into every day. You have to juggle clients, meetings, budgeting, communicating with your business partner(s) (if you have them), and more!

Sometimes the last thing on our minds is our estate plan, and this is probably even more true when you have a business to run. However, when you are a business owner an estate plan is even more important!

If you are the sole owner of your business, you should absolutely have an estate plan set up in case something were to happen to you. Who would take ownership? Who would take on the financial assets? What happens to any liabilities against your business?

If you have business partners, you have likely entered into a partnership agreement, which may already stipulate what happens to one partner’s interest in the business should they pass away or be unable to work. In that case, you will want to make sure that your estate plan aligns with that partnership agreement in order to avoid a lengthy and arduous probate process.

If this sounds like too much to handle on top of your already busy schedule, we hear you! However, we can’t stress to you enough how dedicating a small window of time for your estate plan is vital for the longevity of your business, your peace of mind, and in protecting your loved ones.

Wolf & Shore is here to help! With over 24 years of combined experience, Attorneys Kristen Wolf & Shari-Lynn Cuomo Shore have drafted and executed hundreds of estate plans. They are extremely knowledgeable in all aspects of estate planning, and can assist you in any means necessary.

Check something off of that long to-do list, and give Wolf & Shore a call today, and let us go to work for you. We can be reached here, at 203.745.3151, or info@wolfandshorelaw.com.

 

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