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If you own a small business, it’s wise to seek estate planning services. Making arrangements now for matters such as business continuation, buyouts, and insurance can give you peace of mind later. The answers below to frequently asked questions might help you in starting to plan for future growth or retirement. 

Common Questions Small Business Owners Ask About Estate Planning 

Why do I need an estate plan?

Think of estate planning as an extension of your business plan. Creating an estate plan helps effective decision-making and minimizes taxes. You and your business partners, investors, employees, customers, and loved ones will know what to expect when you retire or pass away.     

What should I include in my planning?

estate planning Basic estate planning tools include a will, trusts, life, health, and disability insurance policies, and a power of attorney. Whether you own an engineering firm, a cafe, or a floral shop, you should decide if the business will continue when you are not involved in it and plan accordingly.

What is an option for continuing a small business?

If you are in a partnership, one option is entering into a buy-sell agreement with your partners. The agreement sets the sale price and allows the business to continue if one of you becomes incapacitated, retires, or passes away.

What is the purpose of a power of attorney?

A power of attorney is a legal document that lets you give someone you trust the authority to conduct business on your behalf as your attorney-in-fact or agent. You can give a broad or limited scope of authority. When the document is a durable power of attorney, the agent’s authority to act continues if you become incapacitated. Depending on the nature of your business, it may be able to continue operating until you pass away.    

 

Small business owners who need guidance from experienced legal counsel turn to the professionals at Pater, Pater & Halverson Co. These dedicated attorneys offer over 100 years of estate planning experience to the people and businesses of Hamilton, Ohio, and serve them with distinction and compassion. For more information about their practice areas, including trusts, wills, probate, and personal injury law, visit their website. To schedule a confidential consultation, call (513) 867-1411.

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