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Estate Planning Tips for Owner Dependent Businesses, Part 3

An estate plan is a crucial part of owning a business. You do not want to leave your employees and loved ones with the task of managing or closing your business upon your death. In order to ensure that they have proper guidance, and that your wishes are carried out, you can create an estate plan that leaves instructions for what to do with your business if you pass away or become incapacitated. Our wills lawyer in Cary NC is here to talk more about this situation.

Organizing Finances | Wills Lawyer in Cary NC

An owner dependent business is one that will end when the owner retires or dies. There are special circumstances that apply to this type of business that need to be considered in an estate plan. In this series, we are taking a look at tips for creating a plan that encompasses a variety of situations.
Organizing the finances in a business so that it is maximizing profitability while in operation is a standard business practice, but when planning to close a business upon retirement or death of the owner, a different strategy may be needed. Some business owners may want to reinvest less into the business as they get older or closer to retirement. If you know the business will be closing in a few years, you may want to retain more revenue rather than spend more. This strategy can help you increase profits so that you will have more income to rely upon retirement, or more to go towards your heirs upon your death.
If the business provides a service to customers that will be abruptly stopped or cut short at the owner’s death, then it may be in the owner’s best interest to have liability insurance that will not end when the business closes. Depending on the statute of limitations, a customer could sue for goods or services not provided. It is best to be covered for that period of time. An attorney can provide insight into how to best plan for this scenario.
Visit back with us soon, as our wills lawyer in Cary NC will talk more about this type of estate planning.
Eldreth Law Firm, PLLC | Wills Lawyer in Cary NC
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our wills lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and  DWI issues.
Interested in learning more? Visit other blogs in this series:

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