Wednesday, April 7, 2010 as of 11:14 AM ET
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses.
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It's not an easy thing to consider, and for many small business owners, little thought is given to what will happen to the business in the event of their death.
Many assume the next of kin or partner will take over. But without planning and forethought, the business could end up in probate, potentially creating irreparable damage."When you pass away there's a lot of questions left up in the air," says Brooke Borg of Borg Law Group. "If it goes through probate it could hold up the business and affect the bottom line." Even if everyone agrees the small business will get passed to the next of kin or partner, without an estate plan (will and/or trust), the business will be held up in probate at least for a small amount of time.According to legal experts, a small business owner should start estate planning as soon as the business is making a profit. Rocket Lawyer, the online legal service, surveyed small business owners and consumers and found that 69% of owners say estate planning is impor...Okay – you’ve never had a financial advisor before. There wasn’t much reason to. In your twenties you may have worked from paycheck to paycheck, meeting the bills ...
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