Houston Estate Planning and Elder Law Attorney Blog
When it comes to estate planning, business owners have a special set of needs to consider. Today, we cover some factors you might need to think through if you are a business owner drafting your estate plan. Of course, the specifics depend on the kind, size, and nature of your business, and if you have questions about how these factors apply to you, contact a Houston estate planning attorney you can trust.
What happens without an estate plan?
Unfortunately, without an estate plan in place, business owners can leave things in shambles when they pass. In some cases, the probate court can could freeze a decedent’s business account if there is no valid estate plan. An attorney will then have to petition the court for an emergency order to get permission to both handle the business’s affairs and decide how to deal with the business’s assets. The attorney, along with the decedent’s heirs, will be left to figure out how to figure everything out in a pinch. This can be stressful for beneficiaries and detrimental to the business at hand.
What factors should a business owner consider when drafting an estate plan?
Some questions related to your estate plan that you might want to consider if you are a business owner include:
- What happens if you are sued?
- How can you protect your business from liquidation or seizure?
- What is your business worth now? What might it be worth in 10 years?
- How will your heirs have liquidity to pay estate taxes on an estate if most of the value of the estate is tied up in a family business?
- What should you do if you are selling the business and anticipating a large tax bill?
Answering these questions can help you draft and execute a thorough estate plan that properly accounts for your business’s needs. At the same time, it is important to talk with your beneficiaries about whether or not they want to be included in the future of your business. Too often, we see children and grandchildren inheriting businesses that they might not have wanted in the first place. Instead, if it is important to you to make sure your business lives on after you are gone, think about selling your business to a partner or third party.
Do You Have a Houston Estate Planning Attorney?
At McCulloch & Miller, we take pride in our thorough, personalized approach to each and every estate plan. Whether you own a business, real property, investment accounts, or none of the above, we guarantee we have experience drafting estate plans that would be beneficial to you. Our team of Houston estate planning attorneys offers high quality representation, and we will not rest until we feel confident that we have helped you meet your goals.
For a consultation with a Houston estate planning attorney from our firm, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible. We cover estate planning, trust planning, and elder law issues at our firm.