Estate planning looks different for every individual because so many elements are unique to the person. This is especially true when estate planning for business owners. Your type of business and its structure are only the beginning when determining how to protect your company’s future and assets. An Estate Planning Attorney in Tampa from Mortellaro Law discusses estate planning for business owners and some key things you need now.
Create a Financial Power of Attorney
Estate planning for business owners focuses on much the same concerns as estate planning for individuals. The unexpected looms large, and you need to enact measures to prepare for any eventuality. A Financial Power of Attorney is vitally important for Florida business owners. This legal document appoints a trusted individual to handle your financial concerns if you are incapacitated or die suddenly.
Accidents, unexpected heath reversals, coma, dementia, and more can impair your ability to reason and make decisions. Your company’s unique financial system demands a wise and experienced person to handle the transition when something happens to you. An attorney or other third party is often a great choice; they can be neutral and act as you would in the business’s best interests.
Create and Regularly Update a Living Trust | Estate Planning Attorney
Business owners can own numerous assets that are vital to the company’s operation. In fact, their absence may mean the failure of the business. A Living Trust can protect these assets and provide instructions for their disposition so the business can continue even after something happens to you. Keeping this vital document up-to-date is also critical, as circumstances can change often.
A Living Trust is a legal document where you can name an individual or entity as the Trustee to manage the trust assets on behalf of your business. The assets are in the hands of a trusted person and can only be used to benefit the business. You can include instructions for selling them, investing them, or other directives as you choose. Sole proprietors especially need this legal protection because they are essentially the business. You want to protect any assets that are critical to your business operations.
Create a Succession Plan
A succession plan is a strategic blueprint for the seamless transition of your business management, ownership, and operations to successors or future generations. This vital aspect of business estate planning facilitates the smooth transition of your company to ensure its continued existence in a way that adheres to your original values and mission. Without a succession plan in place, battles for control and the company’s assets are likely to ensure and destroy your legacy.
Your succession plan spells out in advance who you trust to handle the business when you pass away or become unable to run it yourself. Larger businesses especially want to have this plan in place to reassure investors or other stakeholders that the company will continue on as before and that their investments are safe.
Meet with a Business Estate Planning Attorney in Tampa
There are other aspects of business estate planning that you need to consider, and a Business Estate Planning Attorney in Tampa can help you review your needs and create measures to protect your assets and legacy. At Mortellaro Law, we know business owners are busy people with full schedules. We can handle the details and legwork to help you protect your business and future while you work to grow your success.
Contact Mortellaro Law in Tampa and schedule a consultation to discuss your business estate planning with an experienced attorney. Call us at (813) 945-6495 or request a consultation online at your convenience.
