If you have a family-owned business or a sole proprietorship, you still have to protect that business once you are gone. Estate planning is commonly misconstrued as “private property only,” but in reality estate planning is just as important for your business as it is your personal assets.
Reasons Why You Should Include Your Business in Estate Planning
One of the biggest reasons to include your business in estate planning is the fact that without doing so you can potentially lose the business. Family members will be unable to claim it or worse, creditors are able to seize it to pay off debts. If not all of your children or surviving family are interested in the business, you do not want to risk one of the uninterested parties inheriting it and selling it down the road.
You have worked hard to establish your business, even if it is a one person operation. Therefore, you need to work hard to protect that business and all you have invested into it by putting your business through estate planning today.