Three Important Estate Planning Tips for Small Business Owners
703-370-8088
Three Important Estate Planning Tips for Small Business Owners  

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5001 Seminary Road, Suite 110
Alexandria, VA 22311
Phone: 703-370-8088
Fax: 703-370-1714

 

Operating a small business can be extremely challenging. As a small business owner, there is seemingly no end to the issues that you will need to deal with on a day-to-day basis. Of course, it is also important that you prepare for the long-term. Do you know what will have to your business after you pass away? Will you be able to pass on your business interests to your loved ones? To protect yourself and your family, it is imperative that you have a well-crafted estate plan. Here, our experienced estate planning lawyers have put together a list of our top three estate planning tips for small business owners.

 

  1. You Should Avoid Probate

The last thing you want is for your business to be forced to go through probate. While a will is a critically important part of any estate plan, it is usually not sufficient to properly protect a small business. Most business owners should consider setting up a revocable living trust to better protect the rights of their heirs.

 

  1. Careful Business Succession Planning is a Must

When you pass away, ownership and operational control of your company must be transferred to another party; it may be a family member, a friend or a trust professional associate. Regardless, you need to make sure that these individuals will have the tools and legal authority to take the reins of the company without delay. To do this, you should work with an estate planning attorney to put a customized business succession plan in place.

 

  1. You May Need a Buy-Sell Agreement

Does your business have co-owners? If so, it is crucial that you have a buy-sell agreement in place. Essentially, this type of agreement is a contract between small business co-owners that becomes active the moment that any of them become incapacitated. It sets up clear parameters for how their shares of the company will be handled. Without this type of agreement, there is a very high risk that you or your loved ones will end up in a contentious dispute over the control of the business.

 

Get Estate Planning Assistance Today

 

At Kamerow Law Firm, PLLC, we have considerable experience helping small business owners with their estate planning needs. To learn more about how we can help you and your family, please call us today at (703) 370-8088. Our firm is located in Alexandria, and we proudly represent clients in Northern Virginia, Montgomery County, Maryland and Washington, DC.