Estate planning is a good choice if you own a business and are worried about its future. Many people have been thinking about estate planning for a long time, but they haven’t jumped on it. There is no rush, but you must plan your estate if you own a business and want its future security. Also, an estate plan comes with many benefits for a business owner, so if you are a business owner, it can be helpful for you. We strongly advise all the business owners to go with estate planning for your business as it is essential.

You have spent your whole life building a business, and you wouldn’t want it to vanish after your death, right? Yes! Your business can be harmed without an estate plan because now you aren’t here to run it. In this case, whoever will be in charge will drive your business as they want. Estate planning can give you the power to manage the future decisions of your business. Also, it can save you from many tax implications, and you get the benefit of picking the proper beneficiary or person who will take over in your place. Estate Planning can be advantageous to any business or company.

Estate Planning for Business

It doesn’t matter if you have a small business or the most prominent company out there; estate planning can give you peace of mind and a shield to protect your assets. Anybody who owns a business can easily benefit from estate planning. Unfortunately, many small business owners think it is expensive for their business and keep pushing it away. A study has confirmed that more than 30% of business owners don’t have an estate plan. A business estate plan means covering your business-related issues according to your wishes.

Benefits of Estate Planning for Business

• Options for business – Having good estate planning can make a lot of a difference. For example, have you ever considered setting up a buy-sell agreement and taking out a buy-sell insurance policy? If you have partners in your business, can you imagine inheriting one of their family members as a partner, especially one that knows nothing about your business? This form of planning can be helpful, especially once your business partner is no longer around. This will allow an insurance policy to buy out your partner’s shares, paying their family at death, leaving you their claims in the business.
• Suitable for long-term business – You had an idea, a dream, and today, you own a major corporation that is super profitable. Having a good estate plan means covering the basis of who can make business and financial decisions if you’re ill or mentally incapacitated. A good estate planning attorney will consider all future scenarios and include a Durable Power of Attorney into your planning for insurance. Then, while you are in the right state of mind, you choose who will run your affairs if one day you’re not able to. They will also potentially set up trusts to create a layer of asset protection and a vehicle for the pass-through of assets to the next generation.
• Suitable for tax mitigation – You built a business, got it to be profitable, and now you wish to safeguard this asset for your children and grandchildren. Your business is part of your estate, and a liquidity event occurs at the time of death. A good estate planning attorney will account for this and create a legal structure to minimize your tax exposure.
• Good future planning for business – Estate planning does give you the power to choose a business plan for the future. You can pick the person who will run your business, how you wish them to operate, and even mandate a holiday party in your honor once a year if you want to do so. You can create strategies that the company must follow and even dictate benefits for family and co-workers. This doesn’t mean that you should, as none of us have a crystal ball and can see into the future. Good planning should leave room or flexibility for adjusting to current times, but it’s nice to know you can control some aspects of your business even when you’re no longer around.
• Business Succession – People may try to take advantage of the moment for personal gain after your death. You may find you’re your spouse and children fighting over assets and businesses. Avoid this and take control; create an estate plan dividing and giving assets as you see fit to those that matter to you most. Perhaps you have a business you want to leave to one child and an insurance policy to the other. Maybe you have a vacation home that you wish to be sold and profits evenly distributed to your kids. Take control, come up with a plan and have an estate planning attorney write it.

Estate planning is for everyone. If you have a mom-and-pop liquor store or a chain of restaurants, you and your loved ones can benefit from estate planning. Estate planning can be as simple as who runs my business if I’m ill to as complicated as selling assets and distributing money after I’m gone. It can be as simple as leaving everything in equal shares to your children to as complex as reinvestments of assets and controlled distributions based on specific life accomplishments of your children. For example, you wish your estate to distribute the money necessary to cover a wedding or down payment for the first house but not to pay for a two-week vacation.

In the end, we have told you the benefits and importance of estate planning for a business. We are here to guide you with all types of estate planning queries. You can contact us to set up a free consultation with one of our experienced lawyers who can help you create a custom-tailored plan. Sometimes planning an estate can be a little tricky. We are here to help.

Estate Planning is planning for the future today. You can take control of future decisions and empower others to assist you with them. It is the ability to choose who will receive your assets when you are no longer around. Finally, it is your way to safeguard and plan for your loved ones ahead of time. Everyone needs a plan. This is your chance to create yours!

In simple language, Estate planning is all about making plans for unforeseen circumstances during life and transferring your estate/property/money after your death. You must know that your Estate doesn’t just include real Estate; it also provides everything you have amassed during life. It can consist of cash, furniture, clothes, jewelry, investments in bonds, shares in stocks, and even pets.

Estate Planning Goals

• The first goal of Estate Planning is to cover you during life and the potential unforeseen circumstances such as illness and dementia,
• The second goal is to assign Guardians for your minor children,
• The third goal of Estate Planning is to cover the transferring of your Estate to your beneficiaries,
• The fourth goal is to create a layer of asset protection and implement tax mitigation strategies.

Estate planning is about making a set of legal documents to cover your wishes during life and after death. A good estate plan may also include insurance policies such as life insurance. Life insurance can help with instant liquidity for your loved ones to assist with funeral expenses and some costs of life when you are no longer around.

Estate Planning FAQ

Why do I need an Estate Plan?

An estate plan is essential for every individual who owns any property or asset, has minor children, wishes to empower someone to make healthcare or financial decisions if they are unable to do it for themselves, or enjoys choosing who inherits their belongings. Estate planning is also essential for professionals in high-risk professions such as doctors. Planning for your family creates a layer of asset protection and can help in the event of a frivolous lawsuit.

Is Estate Planning only for the wealthy?

No! Estate planning is essential for everyone and anyone. A huge misconception is that only the wealthy need estate planning. Do you have minor children? If something happens to you and your spouse, who will care for them? Are you single, divorced, or widowed? If you fall sick and end up in the hospital, who will be able to make any medical decisions if you’re unable to make them for yourself? Do you have furniture, jewelry, a baseball card collection, or any sentimental artifacts you wish to leave to someone specific? If yes, then you need estate planning!

Why is Estate Planning Important to me?

It is essential because it gives you the freedom to pick what you want to do with your asset/estate when you are gone. It is also necessary if you don’t want to put your family and loved ones’ security at risk after your death. For example, do you have adult children you love and care for from a previous marriage? Can you imagine that they may stand to inherit very little or perhaps nothing without proper estate planning?

What if I don’t plan my Estate?

If you don’t have proper estate planning, your family will be subject to an administrative proceeding after your death. Each state has a set of intestacy laws, and your Estate will be subject to them. This is a timely and costly process, and the results may not be the same as your wishes. Under such laws, the state will determine who gets what based on their relationship to you.

When is the best time to plan your Estate?

Right now! What are you waiting for? Estate planning is essential, and no one can predict when it will come into play. If the concept of planning for minor children, yourself, or your family in the event of death is not enough, then remember the costs associated with not planning are more fabulous than those with planning. The current gift tax exemption is high and will be a grandfather for those who plan now. If you have dementia without a power of attorney, your family will have to file for legal guardianship to access your finances or make decisions on your behalf; this can take 6-24 months and is costly. The cost of probate and time associated with it is the same, if not more significant, than creating a Will/Trust. Planning works best when done early on!

To sum it up, estate planning is for all, and it is never too early to start planning. Our experienced lawyers are here to help and offer free consultations. Everyone is different; people’s assets, ages, plans, and wishes differ.

Estate planning can be tricky, but we believe that it can be simplified with the guidance of an experienced estate planning lawyer. We provide free consultations, and we can help you plan your estate. Planning your estate and planning sooner than later is essential. Unfortunately, life does not come with a crystal ball predicting what tomorrow brings. However, being prepared and papered up for tomorrow has its benefits.

As you might already know, estate planning is all about securing your assets for the future of your kids and the family. You have worked long and hard and now amassed some possessions, but what if you die? One of life’s few guarantees is that one day we will die, and there is no running away from it. So who will inherit our belongings? Will it be your spouse, children, family member, or close friend, or will you leave everything to a charity? The choice is yours but only through proper estate planning.

What does an Estate Plan Include?

An estate plan can include many elements, and you must know to learn more about them. It is essential to be educated on the subject before stepping moving forward with creating your estate plan. So, here in this blog, we will talk about the things which an estate plan may include.

Estate planning Components

Will/Trust

Many of us imagine a Will/trust related to a person who is dying. Some also believe that a Will/Trust is only for the wealthy or those with much real estate. However, having a Will/trust means that you wish to protect your belongings and safeguard them for the person or organization of your choosing to inherit them when you are no longer around.

Power of Attorney

Let’s say you are running a small or even big company and something happens to you in which you cannot run a business; then what’s next? Who is going to handle your business? In that case, you will need to have someone with a “Power of Attorney.” You can pick that person you will empower to handle your finances in such an event.

Beneficiary

If you wish to decide who stands to inherit your belongings, you must appoint a beneficiary during your estate planning. Each state has its own set of laws. If you don’t nominate a beneficiary, the courts will appoint them based on state law.

Letter of Intent

It is essential to have a letter of intent because it can contain the wishes that you want to tell your beneficiary. You must know that the purpose of this letter is to tell your beneficiary about your plans regarding your asset or any other instructions such as where you are to be buried.

Healthcare Proxy

It is simply like a power of attorney but with only limited control. You can see that the “Health” word is attached to it, which means that the person who will be your Healthcare proxy will decide your health-related decisions when you cannot make that kind of decision by yourself.

Guardianship

You must know that guardianship is an essential element of estate planning. It comes in handy when you want to pick someone to be your kids’ guardian after your death. If you don’t like any, then the court will choose for you, and that person could be anyone from your family, even potentially a family member you don’t even trust.

A living Will

It is one of the essential components of estate planning. But, first, you must know that “A Living Will” comes in handy if you want to take care of yourself even when you cannot do it. It does help in many scenarios, and one of them is like falling into a coma when you aren’t able to make your decision then “A Living Will” dictates your wishes of how you wish to have cared.

In the end, planning allows you to make decisions about your future and, at times, that of your loved ones. Therefore, having a plan is essential. When you are ready, our firm offers free consultations; come in and learn more about how you and your family can benefit from a good estate plan. Call us today to schedule your free consultation with one of our experienced attorneys.

When people talk about “Estate Planning,” they often think that it is only for the wealthy. We believe that most people live with the misconception that they don’t have much, so they don’t need a will or estate planning. What you have might not be much to you but maybe a lot to someone else. You have worked long and hard for your possessions; whether it be a car, co-op apartment, or portfolio of skyscrapers, these are your assets, and you should have a say in who gets them.

Rich or poor, we all are going to die someday, and nobody will take their estate with them. Now, would you want the courts based on state law, to decide who will own your house, car, furniture, and other investment after your death? We think most believe in having a say! We believe that a proper estate plan can give you such voice while making a pass-through of assets a less complicated process for your loved ones. Also, keep in mind estate planning isn’t just about planning for death. It is also about planning for life, and this part of estate planning most forget about or ignore.

I’m not rich. Do I still need estate planning?

Yes! The biggest misconception about estate planning revolves around people who have accumulated significant wealth or lots of assets. We like to start with the basics when we speak to our clients about estate planning. For example, do you have children under the age of 18? If the answer is yes, then you need estate planning. What will happen to your minor children if you and your spouse are no longer around? Who will take care of your underage children? By creating a Will, you can designate a legal guardian for your minor children who will be responsible for their upbringing and welfare if you are no longer around. Don’t you want to say who that person will be?

Rich or poor be it a savings account with 20,000 dollars in it or three brownstones that you own, planning for life is essential. Estate planning is not just about passing on assets to the next generation but also about who will be able to make medical or financial decisions on your behalf if you cannot do it for yourself? In a good estate plan, there is a healthcare proxy that allows the person of your picking to make medical decisions on your behalf and a durable power of attorney that allows a person to make financial decisions on your behalf. If you start to suffer from dementia one day, don’t you think having these documents in place will be helpful?

If I am not wealthy, what are the benefits of having an estate plan?

We know that this question mentioned above crosses many people’s minds. Many people say that they aren’t wealthy, don’t have any estate, and don’t have any property, so why do they need estate planning? You must understand that planning for the future is essential. There are many unforeseen circumstances in life; hopefully, with a good estate plan, you will be able to cover and plan for some of them.

• By creating a Will, you can appoint a legal guardian of your choice for your minor children,
• By creating a healthcare proxy, you can empower someone you trust to make medical choices on your behalf in the event you are in a car accident or with age to suffer from dementia and are unable to make such decision on your own,
• By creating a durable power of attorney, you can empower someone to make monetary decisions on your behalf if, god forbid, one says you suffer from a stroke or become mentally incapacitated and can’t make them for yourself.
• By creating a Trust, you can make an extra layer of asset protection safeguarding that which is yours for your loved ones.

As you can see, estate planning is essential for all, and it is not always estate planning about sizable assets or wealth.

If you haven’t married or are divorced and widowed, you might think that estate planning isn’t your cup of tea. Yes! Estate Planning is essential for everyone, especially for a single person. But do you want to leave your life’s earnings/assets/property open for the court to decide where it goes? We don’t so! You have worked long and hard for what you have, and now you should have a say in who gets to inherit it. With that being said, you need to have a good estate plan that includes a Will or trust.

First of all, estate planning comes with its benefits. You can plan for marriage, retirement, healthcare, and death through a properly drafted estate plan. You should always be prepared even for the worst of situations, and estate planning is a great place to start. It doesn’t matter if you are married, single, widowed, or divorced. We all have a person, relatives, siblings, or friends we love and care about. So, to benefit our loved ones and ensure that we have a say, we should do estate planning.

Estate Planning for Singles

Estate planning for the singles is essential because we all need to find someone who will get all or part of our estate and who will carry forward with it. As a single person, if you have never been married and have no kids, it can be challenging to decide on whom to leave your estate. As a divorced or widowed individual without kids, it too can be challenging to choose a beneficiary. A beneficiary can and should be your children, close family member, or a good friend. However, a single person can also choose to leave everything or a part of their estate to a charity or other non-profit organization if they wish to.

You must know that if you die without an estate plan and are single, the court will find the closest relative and make them the beneficiary. This might work for you and already be aligned with your current wishes but for most, having control and a say means a lot. We always like to say it is nice to be able to control a piece of the future today and estate planning is just that.

Estate Planning benefits for Singles

Estate planning comes with lots of benefits, especially if you are single. If you are young and single and looking to get married, one-day estate planning can help protect your assets from being part of marital property. Why is this important? No one wishes to speak about divorce before getting married, yet divorce has become a more frequent topic of conversation. Estate planning can help the uncomfortable discussion of discussing a prenuptial agreement. This is also an essential consideration for those divorced or widowed yet back to dating. You never know when you will meet the one. So why not have your assets tucked away and well protected.

For singles, Estate planning is not just about asset protection or pass-through of assets to the person of one choosing. It is also essential to think about who will take care of you if you are sick, start suffering from dementia or end up in a car accident and cannot take care of yourself. Who will be responsible or, better yet, able to make medical decisions on your behalf? Who will be able to make financial decisions or access your finances to better take care of you once you cannot do it for yourself? Through proper planning and with the help of a good estate planning lawyer, these issues can be addressed.

What if you don’t have anyone to make a beneficiary?

In some cases, you may have no one around whom you trust, love, or would like to leave your assets. You may not have someone to act as your healthcare proxy or power of attorney or even care for your burial arrangements. In these rare but not uncommon cases, we suggest turning to a professional such as your attorney, accountant, or doctor to play this role in your life for a fee. It is always best to plan and know when the time comes, even if it is at a cost, there is someone to look after you and your affairs.

Being single isn’t easy, and planning when you are single can be tricky. Seeking proper guidance from an experienced attorney is always advised. Our law firm offers free consultations. So don’t wait to call us today to discover how planning can help you!

Estate planning is required for the safety and happiness of our family. Reports have suggested that estate planning doesn’t just secure your family’s future but also gives you peace of mind. A study in America has already confirmed that most people believe that having an estate is essential, but very few take it seriously. Now, in the year of the internet, where everything is available online, it would be a shame not to educate yourself on estate planning.

The best part about planning your estate is the ability to prepare for the future today. So many people aren’t just securing the end of their family but are also adding a special provision for their pets. Yes, your furry loved ones will be missing your presence and need taking care of when you are no longer around.

Estate Planning for Pets

First of all, Yes! You can do estate planning for your pets in which you can set up a guardian for your pet after your death. It is quite a notable trend, and people are being quite open about it. It would help if you understood that your pet is a family member because you have an emotional connection with your pet. Now, if you die and you haven’t taken into account adding your pet you’re your estate plan, then the court will treat your pet as a property, in which case they are fully liable to transfer them according to state laws of succession.

So, you wouldn’t want to see your dog or cat in the wrong hands. It’s not just about who will adopt your pet, but it is more about who you want to adopt them. Having estate planning for pets can help you in this situation. We encourage our clients or whoever is reading this to make a small provision for your pets. Also, you can set up a regular payment for your pet’s care from your estate, and it will be given to the person who is going to take care of your pet.

Estate Planning for Pets – Important Notes

Now, if you are planning your estate, we strongly recommend that you don’t leave your pet out of it. You have spent your time with your pet. They tend to be a big part of your life, and when you pass, your pet will miss you and need caring for you. In addition, your pet will require regular care, love, and a family in your absence. Therefore, you must add a pet provision in your will or trust, and here we will discuss some important notes about it.

• First of all, you need to select a guardian for your pet or a person who will take care of your pet after you’re gone.
• Now, you must write a detailed letter of instructions that will be helpful for that guardian to take care of your pet.
• You must set up a regular payment from your estate for your pet’s care.
• You can also select a remainder beneficiary who will receive all the funds left for your pet’s care after the death of your pet.

Keep in mind a pet is a full-time job, and not everyone wants to assume such a responsibility. When selecting a guardian or caretaker for your pet, it is best to first discuss such a case scenario with the person you intend to entrust with your furry friend. Pets can be expensive to maintain. Everything from food to vet visits, toys, and hosing comes into play. When creating an estate plan for your pet, keeping expenses in mind is essential. Setting aside a budget for your pet’s care is something that an avid pet lover will always consider. Unlike humans’ pets can’t speak out, nor can they go out and get a job to self-sustain themselves.

After reading this whole article, we expect you to know that it is essential to include your pet in your estate planning. We think people can easily set a provision for their pets. If you have any questions or concerns about the estate planning of your pet, then feel free to contact us to set up a free consultation where we can address some of your problems or discuss potential considerations. We think that estate planning is essential for all your loved ones, and a pet should not be left out of this equation.