Building a business is all about taking risk. You put your belief in yourself, your money, time, and more on the line to create something that can grow and succeed. But whether your business will fund your retirement plan, or you hope to create a multi-generational family enterprise, there’s one area of risk you shouldn’t be taking.
If you own a business, you need an estate plan. And not just any plan. It needs to cover your wealth and safeguard your family. It also needs to ensure that the business can carry on or that there is an orderly plan for a sale or wind-down.
You’ll most likely need to consult with a financial advisor, a trust and estates attorney, and a tax accountant to get a comprehensive plan in place.
At a minimum, you’ll need a will, a power of attorney, and a healthcare directive, also called a... ...
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