Tips for Business Dependent Owners | Estate Planning in Raleigh NC
In this installment of this series on estate planning in Raleigh NC, we will continue to talk about strategies for planning when you have an owner dependent business. This type of business relies solely on the owner to operate, so when the owner decides to retire or passes away, the business will close.
There are many things involved in closing a business, so having an estate plan can ensure that the people left behind, whether it’s the employees or the family of the owner, will be protected and will receive the inheritance the owner chooses.
We talked about possible tax implications, issues with liability, having proper documentation of procedures for when the business closes, and using life insurance to cover liquidity issues. Now let’s look at how to take care of the employees left behind when a business closes.
If you have employees, whether you have two or 200, they should be aware that you plan to close the business either at retirement or when you pass away. No one wants to be blindsided and learn that the job they’ve been with for years has ended because the owner unexpectedly dies. While it is not necessary for your employees to know all the details of your estate plan, they should know the basics and they should be involved in the plan to properly close the business on your behalf.
If you're interested in learning more, visit back with our next blog post, soon. We will finalize this series on estate planning in Raleigh NC for dependent business owners.
Eldreth Law Firm | Estate Planning in Raleigh NC
Remember, estate planning is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.
Regardless of whether you're married, single, wealthy, childless or a parent, it's important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you're ready to begin planning your estate contact our attorney, today.
Interested in learning more? Visit other blogs in this series:
- Estate Planning Tips for Owner Dependent Businesses, Part 1
- Estate Planning Tips for Owner Dependent Businesses, Part 2
- Estate Planning Tips for Owner Dependent Businesses, Part 3
- Estate Planning Tips for Owner Dependent Businesses, Part 4
- Estate Planning Tips for Owner Dependent Businesses, Part 5
- Estate Planning Tips for Owner Dependent Businesses, Part 6