Estate planning is important for all individuals and families, but it is an especially important process for the entrepreneur! You, the entrepreneur, have worked tirelessly to build your empire – your product, your processes, your brand, your clientele – from nothing to a fully functioning business. Do not let your hard work go to waste by failing to prepare and plan for the continuation of your business by your partners, key employees, or the next generation.
Estate planning, simply put, is the thought-provoking act of preparing your assets for management and transfer in the event of your incapacitation or death. But, in actuality, estate planning is so much more than the disposition of assets. Estate planning is the appointing of trusted agents to make decisions that affect you, your family, and your business. It is your opportunity to leave a written legacy for your heirs and devisees, as well as instructions for those appointed agents.
The process of estate planning is multidimensional. It requires the coordination and integration of tax planning, financial and retirement planning, and business succession planning, to cover all facets of the entrepreneur’s life. We work as part of your team of professionals – financial and insurance advisors, CPAs, and others – to help you protect your business!
Post by Brynne C. Brown
(Brynne concentrates her practice in the areas of Business, Estate Planning, and Taxation. She assists clients with business formation and succession planning, choice of entity decisions, and tax and estate planning, including probate and trust administration.)
Disclaimer: While every effort has been made to ensure the accuracy of this blog, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.
