You worked hard to build your business from the ground up. Countless hours, blood, sweat, and tears went into your dream. So, don’t forget about it when you are drafting up your estate plan. Speak with your lawyer in Tampa about how you can best protect your assets. In the meantime, take a look at four major reasons why you need to consult with your lawyer in Tampa about including your business in your estate plans.
- The Future
Who knows best about the future of your business? It’s you! So, if you pass away and don’t tell anyone about your vision for your business, then how will they know? That’s why it’s important to have your lawyer in Tampa include your business in your estate plan. Whether you want to retire, sell the business, pass it on to future generations, or if you pass away, some sort of plan has to be in place. If you don’t include it in your estate plan, nobody will know what your plans are. Plan for the future by thinking about what will happen to your family if you died tomorrow. By having a plan set, you will secure the financial future of your family and of your business.
- What Happens to the Money?
If you wish to retire or leave your business, it’s not that easy. Whether it’s because you reinvested in your company or because you held equity, cashing out is a bit tricky. Once the business is sold you can then cash out. But by having an estate plan you can ensure that your assets are transferred to wherever you wish.
- Children in Your Business
Many business owners wish to transfer their business over to their children. It’s even pretty common that a few of the children will work in the business and some of the others won’t. So, to avoid any future major family fights, figure out what happens now. Leaving equal shares can cause rifts because nobody can agree on anything. Other problems can be that the children that aren’t involved will want to sell the business. There are many problems that can arise from this, so it’s best to figure out what works for you and your family.
- Your Business and Estate Planning
To reiterate, don’t forget that your business is a major part of your assets. It’s not something that can be easily sold off like stocks or bonds. Therefore, it is important to include your business in any estate planning that you do. By taking the time to do it now, you will save your family and your business unnecessary headaches.