So much goes into the creation and development of a business. In a way, it is much like raising a child, as it takes similar input, thought, dedication, and sacrifice. So that's why it's not much of a stretch to think about your business during the estate planning process. Thinking about your business's future while you think about your family's future seems like a no-brainer.
Depending on your ownership position in a business, though, you may or may not have the authority to make estate planning decisions with the business in mind. This is especially pertinent for business owners who are co-owners with another person or party. However, while there may be limitations, you can potentially determine the outcome of at least the portion of the business you own. Determining what happens with it, who comes into a position on power in the event that you can no longer make decisions, and any other future unknown outcomes can potentially be determined beforehand.
This can allow a person to rest easy when it comes to the future of their business. You may have certain wishes for the business that an estate plan can help to carry out. Of course there are always limitation in how far-reaching an estate plan can be. At Levin and Levin, LLP, we can help guide business owners through the estate planning process. Doing it correctly can mean the difference between successful estate distribution and having loved ones lose out on assets of significant value.
This isn't dissimilar to a business plan. As any business owner knows, a poor business plan can easily yield poor results. Button up your estate plan to include the scope of your business's future. It's possible to plan for this, so you shouldn't wait until it's too late to take action.