Calling All Entrepreneurs!
Has you ever dreamed of creating your own business?
As an entrepreneur, it is empowering to be able to “be your own boss” and create a business that is yours. But with this “power” comes a lot of work. HARD work. Running a business shows you what you are really made of. It takes grit, perseverance, patience, and the ability to take on a significant amount of risk and uncertainty to get a business up and running.
When everything ultimately falls on you, its too easy to get consumed by the constant day-to-day tasks that you forget about planning for the future.
This is where estate planning comes into play!
If you do not consider your business’s “end-game” you are failing to secure its future and risk losing all of the hard work you put in.
So what can you do?
There are three main estate planning objectives for your business that you should consider.
Create an Exit Strategy
At some point, every small-business owner will need to step down. Whether it’s a planned exit or an unexpected one, having a succession plan is the key to making the process go as smooth and as less stressful as possible.
Create a Personal Retirement Strategy
As your own boss, you are responsible for making sure that you are taking the necessary steps to secure your financial future. Do you have a plan for building your 401k or pension plan?
Incorporate Your Business into the Estate Planning
Plan to pass your business onto your children? Did you know that you can make annual gifts of stock into a trust for your children? You will slowly be giving them interest in your company, while reducing the value of your estate.
This is one of many different strategies you can take to ensure your business moves forward and continues to run smoothly. It is best to speak with an attorney on the different options available to suit your individual needs.
Are you ready to take control of your business?
Follow these steps to take your business to the next level!
Download our LLC Binder Checklist to help you think through some of the questions you will be required to answer
Review our Estate Planning pricing plans to learn more about how we help you plan for your future.
Get started working with us when you are ready to take control of your legacy!
We hope you found this estate planning information helpful. As a reminder, the information presented here is for general informational purposes only. You are unique, and legal advice should be tailored to your unique situation. Do not rely upon any information here as legal advice. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. If you would like to learn more about how we can protect your family or small business, please contact us!
Cherish Legal is an estate planning law firm based out of Rockford, Illinois. We are licensed to practice estate planning in Wisconsin and Illinois. We provide virtual estate planning services to families and legal counsel to small businesses located. Our services include: wills, trusts, power of attorney, estate plans, guardianship, trust administration, probate, and asset protection.
