Four Estate Planning Tips For Small Business Owners
Estate planning helps to protect your assets and your loved ones in the event unexpected situations arise. It is important for anyone, but particularly business owners. Unfortunately, between juggling professional demands, attending to estate planning is something that can easily get overlooked. To save you time and money, our Tampa estate planning lawyer shares some simple tips to help you get started.
Protecting Yourself, Your Loved Ones, And Your Business
Owning a small business may be the fulfillment of a lifelong dream. Forbes reports that as of January 2023, there are more than 33 million small business owners in the United States. This represents nearly 99 percent of all businesses.
While being your own boss offers you a lot of freedom, it comes with major amounts of responsibility. In addition to daily tasks and achieving immediate goals, it is important to give thought to the future. What would happen to your small business if you were otherwise unable to manage it? Developing an estate plan can provide peace of mind. The following are four areas to address:
- Designate Powers of Attorney
Accidental injuries and severe illnesses can happen. Powers of attorney allow someone you trust to make important decisions on your behalf in the event you are incapacitated and unable to communicate or handle matters yourself. Under the Florida Statutes, a power of attorney can be authorized to access bank accounts, pay bills, manage property, work with vendors, and perform other important tasks on your behalf.
- Use Care In Selecting A Personal Representative
Everyone should have a will. It provides a list of all property and assets you possess, designates beneficiaries, and determines distributions in the event of your death. You will need to designate someone to act as your personal representative in filing your will in the Hillsborough County Probate Court. This is an important task and more complex when you are a business owner. Make sure the person you select has the skills needed.
- Consider A Living Trust.
While a will determines who inherits from your estate, a trust is more specific in terms of how your assets are managed and distributed. It allows you to set terms and make specific types of payments, while also protecting certain assets and avoiding probate court proceedings.
- Create A Succession Plan.
Give some thought to whether you want your business to survive without you. A small business can be a legacy you pass on, providing a tremendous amount of pride and income for surviving family members. Creating a succession plan helps to keep it afloat.
Get Trusted Legal Guidance From Our Tampa Estate Planning Lawyer
Estate planning protects the time and money you have invested in your small business and can help preserve it for years to come. For trusted legal guidance in putting the right documents in place, request a consultation at Bubley & Bubley, P.A. Our Tampa estate planning lawyer can advise you on the options available. Call or contact us online today.