Estate planning is something that requires personalized attention, and it is a very good idea to retain the services of a good San Jose estate planning lawyer as soon as you become a responsible adult with people depending on you. Your lawyer will guide you in the right direction given your intentions, your family dynamic, and your unique situation.
The above having been stated, people who own small businesses are in a different position than those who work as employees. Everyone has to plan for the future in light of his or her own unique situation regardless of how you earn your income. But when you work for someone else, you don’t have to worry about what happens to the business after you are no longer involved.
On the other hand, when you own a business you have to devise a succession plan, and various different approaches may be appropriate.
If you have one child and this individual is going to run the business after your passing, you are faced with a certain situation and you must plan accordingly. But if you have children who don’t want to be involved in the business, you have a different situation that requires a different course of action.
Some people intend to sell their businesses to the highest bidder someday, and this is another possible scenario that will require a specialized approach.
Succession planning is important for small business owners; the sooner you act the better because your vision for the future will logically impact your decisions along the way. If you’re ready to get started, pick up the phone right now to arrange for a consultation with a qualified and experienced Los Gatos, CA estate planning attorney.
- Assisted Living: What is It, and is It Right for You? - October 7, 2021
- Is Your Married Joint Living Trust Too Complicated? (VIDEO) - September 27, 2021
- Litherland, Kennedy & Associates Law Firm Team Joins 2021 Walk to End Alzheimer’s - September 20, 2021