Business owners overlooking estate planning basics

Many Georgia business owners require steady cash flow to support their other investments and family. Much effort is put into establishing a solid business and growing the many relationships it relies upon, yet many Johns Creek owners fail to protect those efforts in case of disaster. In one survey, a majority of entrepreneurs were found to have not included the estate planning documents that many professionals consider essential for asset protection and succession.

One of the chief concerns revolves around who will make decisions and maintain relationships with clients, suppliers and investors. In one possible scenario, the owner becomes incapacitated for a short length of time and returns to the business to find the damage caused by his absence. One way to avoid this is financial planning with a power of attorney. An entrepreneur can use a financial power of attorney document to designate a successor in case of incapacity or death.

A living trust is another document of estate planning that can ensure an orderly succession and protect the business from probate. This document pulls the business into a trust that is administered by a chosen trustee. The person is given specific instructions concerning how the business is to be handled in different situations.

In case of sudden incapacity or death, a Georgia entrepreneur can protect their family by providing an orderly means of continuing or liquidating their business. Part of this planning centers around choosing the right people for the positions, such as a person adept at financial planning for the trustee or a trusted friend for the role of will executor. Both this step and the choice of estate planning documents can be informed by an experienced lawyer. Professional assistance may limit tax obligations, help meet goals and protect final plans from legal challenges.

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