Las Vegas Estate Planning for Small Businesses
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Benefit from Estate Planning for your Small Business

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How Small Business Owners in Las Vegas Benefit From Estate Planning

Being a small business owner creates a unique situation for estate planning. Should you pass on, the question of what happens to your business may very well be left up in the air unless careful arrangements are made beforehand. Ensure that your family is never caught off guard in the event of your unforeseen death by documenting and arranging for the best possible scenario for what happens your small business following your death.

Securing Income for Your Beneficiaries Las Vegas Small Business trust services.

The most important factor in Las Vegas estate planning for small business owners is to ensure that your beneficiaries are able to receive the same level of income they were entitled to while you were alive. Retirement accounts and life insurance payouts are only part of the story; your family and loved ones need an explicit plan for how inheritance of business assets will be handled, all written in legally binding language.

Transferring Your Share of Ownership

In addition to income, the question of what happens to your share of ownership hangs in the balance. Your portion of invested value in the company can either be liquidated and inherited in the form of an ownership share sale, or the portion of ownership can be transferred to another party, who can now make decisions in the same capacity that you once did.

Keep in mind that value and control may be two completely different things. For businesses that may be directly transferred to another owner, a specific person should be named or a process outlined for finding an appropriate stand-in. For businesses that will be sold, the process of selecting an appropriate buyer should also be outlined.

Businesses that will be shuttered following the death of the owner, such as a private dental practice, should also have preparations made for the legal actions of closing down the business and liquidating its assets.

Continuation of Duties

In addition to inheritance, your business plan and will should both discuss how your business should be run or closed down following your death. Important decisions that would normally fall under your jurisdiction could leave giant question marks after your death unless someone is either trained in advance or specific instructions are left.

Particularly, someone will have to tackle the accounting and tax payoffs that are needed in your absence. If your account books are in some sort of indecipherable shorthand and no one can determine who owes what to whom, the business could be seized by the government with your beneficiaries hardly receiving a dime.

Prepare for all of these scenarios by consulting a Las Vegas estate planning attorney who is familiar with small business law. The tragedy of your death should not be made worse by having an unexpected burden fall upon your loved ones or former colleagues. Ensure that you are able to document the best process for a smooth transference of assets and responsibilities to another business owner or that you have drafted a business sales plan so that the maximum value of your business can be earned by your beneficiaries while still taking care of your former employees.

Tanko Law has counselors with experience in both business and estate planning. We can help you navigate the complex scenario that can follow an unexpected death of a business owner with our Las Vegas estate planning services. Our legal experts and attorneys will ensure that your wishes will be honored following your death in a way that is compliant with both regulations and your current business plan.

Visit our Las Vegas estate planning services page to get started on including your small business and everything it involves in your last will and testament.

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