Many aspects of estate planning impact an individual and their chosen family members or other beneficiaries, but if you have a business, there are additional layers of consideration to think about and discuss with your estate planning lawyer.Â
There are many advantages to creating a business succession plan that helps ensure your business is protected if something unexpected happens to you.
This includes not just you passing away, but the possibility of a future disabling or incapacitating event. Some of the biggest benefits of creating a business succession plan include attracting and retaining the right talent to carry through your legacy and minimize disruptions to operations if something happens to you, preserving your business legacy, achieving your personal goals so you can leave to work on new ventures or retire when you choose to do so, and maximizing wealth preservation and value. Appropriate succession planning with the help of a Pasadena estate planning lawyer ensures that your business ownership transfer is structured in a way that minimizes tax implications while also maximizing the value of the business. This helps you have peace of mind that you will see a fair return on your investment and that your business will experience only limited disruptions, if any.
As business succession planning can be very complicated, it is recommended to work with an attorney who has helped other business owners through this process before. In addition to creating your business succession plan, you may also need an asset protection plan, a long-term care plan, an incapacity plan, and other components of your estate plan.
Let our Pasadena business succession planning law firm work with you to create a comprehensive and custom succession plan to ensure your wishes or the future of your company.Â
