Using Estate Planning To Protect Your Small Business
Owning a small business is a lifetime dream for many people. After investing large amounts of time and resources, these can end up making you and your family significant amounts of money. Unfortunately, in meeting the many demands of being a small business owner, it is easy to overlook estate planning, which helps to protect you and your loved ones now and in the future. Our Tampa estate planning attorney recommends important documents you should have in place.
Important Estate Planning Documents For Small Business Owners In Tampa
While you may be a ‘small’ business owner, your efforts have widespread impacts on others. According to the Florida Department of State, there are nearly two million small businesses registered to Floridians, which contribute more than $800 billion to local economies. Many people depend on the income generated by small business owners to provide for themselves and their families.
Unfortunately, unexpected events can happen and as a small business owner, it is important to be prepared. The following are estate planning documents that are vitally important to have in place:
- A will: Everyone needs a will. It conveys your final wishes and helps to avoid costly, time-consuming, and potentially contentious Hillsborough County Probate Court proceedings by detailing all property and assets, designating beneficiaries, and determining how distributions are made.
- A trust: This goes several steps further than a will. In addition to designating beneficiaries and detailing property, this allows you to dictate how it is managed in the event anything happens to you. By transferring ownership interests to a trustee, you can also help reduce liability.
- Power of attorney: This designates someone you trust to manage your business or other affairs in the event you are incapacitated and unable to manage them yourself.
Other Asset Protection Strategies For Business Owners
In addition to the above estate planning documents, there are other steps you should consider taking as a small business owner to protect yourself, your loved ones, and your assets. These include:
- Making accounts payable on death: By providing this designation on certain bank accounts, you allow easier access to funds in case of unexpected events, preventing others from having to wait for probate.
- Purchasing insurance: As a business owner, life and liability insurance helps protect your investment.
- Buy/sell agreements: This is important if there are any co-owners of your small business. Under the Florida Statutes, buy/sell agreements dictate the terms of sale and ownership interests if any of the other business owners want out.
Discuss Your Options With Our Experienced Tampa Estate Planning Attorney
As a small business owner, you have invested large amounts of your time, money, and resources into building success. Putting the appropriate estate planning documents in place helps to protect you, your loved ones, and your investment. At Strategic Counsel Law Group, L.C., our experienced Tampa estate planning attorney provides the trusted legal guidance you need. To discuss your options, call or contact our office online and request a consultation today.