Estate Planning In Tampa For Small Business Owners

Owning a small business is often the fulfillment of a lifetime goal. Maintaining it requires a heavy investment of both your time and money. Unfortunately, expected events can put everything you have worked for at risk. Our Tampa estate planning attorney explains some of the steps you can take to protect yourself, your investment, and your loved ones.

Why Estate Planning Is Important For Tampa Small Business Owners

Being the owner of a small business requires wearing a variety of hats. Whether you have employees to help or carry all the responsibility yourself, it is easy to get caught up in day-to-day business. However, to protect yourself and your investment, it is important to give some thought to unexpected events that could happen in the future.

According to the U.S. Bureau of Labor Statistics, nearly half of all new businesses fail within the first five years, and only 25 percent make it to the 15-year mark. One of the top reasons is poor planning. Estate planning helps to ensure you are prepared in the event the unexpected does occur. Ways in which creating an estate plan in Tampa can protect you:

• Limits your personal and professional liability;
• Protects your investment when partnering with others;
• Ensures your business is managed properly if you are unable to work due to injuries or illnesses;
• Sets terms for passing your business to family or other heirs.

As A Tampa Small Business Owner, Put These Estate Planning Documents

Chronic health conditions, sudden and severe illness, or accidental injuries all pose significant risks. People could be hurt on your property, business associates may mismanage their time or funds, and vendors can renege on agreements. Estate planning helps to protect small business owners in Tampa in these and other situations.

One of the first steps is ensuring your business is properly structured. The Florida Department of State provides a list of the options available. A sole proprietorship or limited liability corporation (LLC) each offers important benefits. Our Tampa estate planning lawyer can guide you in making the right choice and in putting the following documents in place:

• A will: This conveys your wishes in the event anything happens to you and helps to prevent costly and complex probate court hearings.
• A trust: This also conveys your wishes, but in a more specific way. It also provides important protection from creditor claims.
• Powers of attorney: This designates someone you trust to make important business decisions on your behalf, in the event you are incapacitated.
• Business succession documents: These protect your current assets, plan for the future, and dictate the terms in which you may transfer ownership of your business to others.

Request A Consultation With Our Tampa Estate Planning Lawyer

At Bubley & Bubley, P.A., we provide trusted legal guidance to small business owners in Tampa, helping them put the appropriate documents in place to ensure they and their families are protected. To request a consultation with our Tampa estate planning lawyer, call or contact us online today.

Source:

bls.gov/bdm/entrepreneurship/entrepreneurship.htm

dos.fl.gov/sunbiz/start-business/corporate-structure/