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Estate Planning for the Business Owner

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					                      Estate Planning for the Business Owner


Estate planning is extremely important for business owners who want their
business to continue operations after their death. Many businesses in the United
States are either family owned or family controlled. Although the majority of
family businesses are small companies, there are a percentage of large family
owned corporations.


Statistics reveal most family businesses fold after the founder’s death. Even if
your business should survive the transfer from you to other family members, data
says it will still have about a 50% chance of failure in the near future.


The most common reasons a family business does not survive into the next
generation include the family members themselves, taxes and available money.


The Succession of Your Business


A family business has better odds of continuation when there is less confusion
about the succession. Long before it is time to transfer your business, you should
decide who receives it.


If there is more than one acceder, you need to define the percentage of the business
each person receives and his or her roles in the business. In addition, you need to
ensure your business is protected from divorce, not only for yourself, but for your
children as well. This is to prevent an ex-relative obtaining any portion of the
business.
Cash and Taxes


You also need to attend to any estate planning that could save assets and money.
There is a number of estate planning tools available to reduce taxes on your estate
and provide working capital for your company after your death.


It is recommended an experienced attorney assist with developing your estate plan
to ensure your children and future generations enjoy the benefits of your hard
work.


Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law
Office PA offers estate planning and business planning resources to residents of
Fayetteville AR. To learn more about these free resources, please visit
www.arkansas-estateplanning.com today.

				
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Description: Estate planning is extremely important for business owners who want their business to continue operations after their death.