Estate Planning
Wills and Estate Planning Services
Business owners, understandably, concentrate their efforts on running their business and driving sales rather than planning for what happens in the event of their death. You need an estate plan that includes arrangements if you or your business partner passes away.
To protect your business and your loved ones, you can take certain steps that include the following:
- Speak to your loved ones and carefully outline the needs of your business in your will
- Plan for the transfer of assets of your business or the ownership of your business
- Give a power of attorney to make financial decisions if illness or accident incapacitates you
Having documentation that addresses who will be responsible for your business affairs is vital to successfully transferring ownership after you pass away. Glover Russell, P.A., estate planning lawyers in Jackson, provide comprehensive services to detail your wishes to your loved ones. Our law firm can assist you with services that range from drafting a will or contesting a will to probate litigation, and much more.
Succession plans for a family business
Usually, a family business is a sole proprietorship. Sometimes the family works together as a business team without outlining their individual roles, while other times the owner will choose to create a an LLC or partnership.
Glover Russell, P.A., estate planning attorneys in Jackson, offers personalized advice to make sure your family can handle your business in case the unthinkable happens. In many cases, a sole proprietorship’s assets become a part of your personal estate and are subject to your personal liabilities. We will assist you in determining whether to allow your administrator to take over the business affairs to finalize matters.
Estate planning for farm owners
Farms are traditionally sole proprietorships. However, there is an increased interest in operating farms as LLCs. An LLC is less formal than a corporation, but provides sufficient structure to pass your farming operation to the younger generation. LLCs may be used instead of closely held corporations.
Any way you organize your farm, you want to outline how the business will continue if you pass away. In cases of a corporation, the majority stockholders or heirs inheriting the majority of the company’s stock continue to run the business.
It is important to outline your succession plans no matter the organization. Speak to a business planning lawyer in Jackson at Glover Russell, P.A., to tailor your documents to meet your business succession or trust administration needs. When you need an experienced and knowledgeable business planning lawyer in Jackson, please call our office at 888-457-4379 or contact us online so we may assist you.
