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Estate Planning for Small Business Owners: Protecting Your Business and Your Family

By: LS Carlson Law September 25th, 2023

As a small business owner, your business is likely your biggest asset, and protecting it should be a top priority. Estate planning can help ensure that your business and your family are protected in the event of your incapacity or death. Here are some things to consider when creating an estate plan as a small business owner:

Business Succession Planning: One of the most important considerations for small business owners is business succession planning. This involves planning for the transition of your business to a successor or successors upon your death or incapacity. You'll need to identify potential successors, create a plan for transferring ownership and management, and consider the tax implications of the transfer.

Buy-Sell Agreements: Buy-sell agreements can help protect your business in the event of your death or incapacity. These agreements specify what will happen to your business in the event of your death or incapacity, and can help ensure that your family and your business are protected.

Life Insurance: Life insurance can be an important part of your estate plan as a small business owner. It can provide funds to help your family and your business in the event of your death, and can help ensure that your business can continue to operate in the event of a key person's death.

Business Valuation: In order to properly plan for the transfer of your business, you'll need to have a clear understanding of its value. A business valuation can help you determine the fair market value of your business, and can help ensure that your estate plan accurately reflects the value of your business.

Trusts: Trusts can be a useful estate planning tool for small business owners. For example, a revocable living trust can help ensure that your assets are distributed according to your wishes upon your death, while also providing ongoing management of your assets during your lifetime.

At LS Carlson Law, we understand the unique challenges facing small business owners when it comes to estate planning. Our experienced attorneys can help you create an estate plan that protects your business and your family, while also minimizing taxes and other potential liabilities. Contact us today to schedule a consultation and learn more about how we can help you plan for the future.

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