You have worked hard to build your small business. Youve given it the best years of your life and you cant imagine giving it up. To protect its financial health, its day-to-day operations and develop a plan for succession, youll need a estate planning documents.
By creating a living trust you can . . .
. . . Prevent your business assets from being used to settle the debts of your personal estate. If you dont want to endanger the continued operations of your business, set up a living trust to retain ownership and continue the operations of the business.
. . . Create a plan of succession if you want your business to continue long after you pass away. A trust can name a trustee for the trust and name a separate person that will succeed you. If you were a sole proprietor, you can name an entire board of trustees that will take over for you. They can be business associates, employees or relatives to whom youve passed on a share of the company as their inheritance.
When preparing the trust document, you may also wish to draw up a healthcare power of attorney and a financial power of attorney and name a person or persons to make decisions for you and your business if you become incapacitated. If you are the only one authorized to make financial decisions for your business, your business may not survive.
For more information on setting up a living trust and related documents to protect your business, give our office a call today.
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