You built your business from the ground up, and you hope it will remain successful for years to come. The last thing you want is to leave your family and business partners without guidance in the event of your untimely death. Estate planning is important for everyone, but for small business owners, it’s an absolute must. Port Legal can help small business owners create a plan to ensure that their legacy lives on.
If you have multiple heirs, with some who are interested in keeping the business afloat after your demise and others who have no interest in working in the business at all, you’ve got to come up with plan to fairly distribute your assets. Often, people in this situation choose to distribute their assets based on the level of contribution by each heir. If two of your three children have been a part of the business and hope to continue with it after your death, should the uninvolved heir get a share? Make these decisions now to save them pain later.