Prioritizing business planning and estate planning as an owner are often overshadowed by more immediate concerns of the company. However, understanding the implications of your incapacity or death on your business is a crucial responsibility. Despite seeming like distinct tasks, estate planning and business planning go hand-in-hand, especially considering your business’s role as your family’s primary asset. Neglecting proper estate planning exposes your team, clients, and family to potential consequences that can be easily solved with fundamental estate planning strategies.
In the absence of a comprehensive estate plan, challenges arise, including probate delays and public information relating to your estate, incapacity risks, unpreparedness for a partner’s departure, and the potential mismanagement of the business by a successor. These issues can be addressed through various strategies, which our team customizes for each client depending on their needs.
Weaving estate planning into your business strategy safeguards your legacy, ensuring the continued success of your business and the financial security of your family. For guidance on your business and estate planning, contact us for expert legal advice.
