If you own a small business in the state of Georgia, it is likely that you will want your loved ones to benefit from your legacy in the future. Making sure that your business will live beyond your lifetime can be an exciting and fulfilling prospect. However, the road to making this a possibility can involve a significant amount of paperwork and planning.
There are many things that you will need to take into account when planning your estate as the owner of a business. These issues can become much more complex if the business is owned by multiple people. You will also want to ensure that your estate plan is tax efficient.
Why is my estate plan important?
An estate plan is important if you want your business to be a part of your legacy, and if you want to ensure that your loved ones will be financially secure. Many people delay estate planning because it is a difficult thing to face actively. However, delaying action can lead to chaos and stress for your loved ones.
Where do I start?
You should start by simply reflecting on how you would like your assets to be distributed at the end of your life. From there, you can create a will that is tailored to your preferences.
How can I plan my taxes?
You can minimize your inheritance taxes through the inclusion of trusts in your estate plan.
If you want to create an estate plan that truly reflects your wishes, an experienced attorney can help.