Estate Plan for My Family Business

An Estate Plan for My Family Business, what are my options?

By Attorney Paul Hanks, Ironclad Living Trusts in California

You have worked very hard to build your own family business. All your hard work has paid off and your business is now worth a lot of money. What are your estate planning options as a small business owner?

Before I became an estate planning lawyer I grew up working in my own families’ small business, a corner neighborhood market. I worked at the family business after school and I worked 12 hour shifts on the weekend. I learned the value of hard work at a very young age. As a trust and estates lawyer I now see the value to having an estate plan in place to protect and preserve your family business.

In my estate planning career I have represented hundreds of small business owners in many industries such as contractors, food service, restaurants, medical professionals, car repair shops, entrepreneurs, and many other independent, family-owned businesses. I respect the sacrifices they have made as small business owners and I am honored to provide them with a powerful California living trust estate plan.

You have been very busy building your business but have you ever worried about what would happen to your business upon your death? Are you concerned about the impact on your business in the event of your incapacity? Do you have legally sound estate planning documents in place that will allow for the continued operation of your business? Do you worry about the future management of your business to your same level of high standards? Have you ever thought about the impact on the reputation of your business if you were no longer able to work?

Estate planning is critical for any small business owner. A carefully drafted and customized financial power of attorney centered around your business is critical for the continued efficient operation of your business. An assignment is crucial to ensure the proper ongoing control and management of your business according to your specific directives. A living trust is of great importance regarding questions of ownership and the seamless transfer of the business

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If you wish to speak with an experienced estate planning lawyer, please contact us online or call us directly at (951) 587-3737. Ironclad Living Trusts is honored to  serve clients throughout all of Southern California.