The growth in the nation’s economy since the last recession is unquestionable. It has spawned a number of small businesses, particularly the number of new enterprises owned by women. According to a number of media reports, more than nine million small businesses are owned by women, which accounts for about a third of all active businesses across the country.
And like their male counterparts, women should plan for their personal futures with just as much detail as their businesses. With that, estate planning should be a part of their business planning. This post will focus on a few things that should be part of a business owner’s estate plan.
Plan for those who need care – Most people think about their immediate heirs and beneficiaries, but if you are a caregiver to vulnerable people who are not your children, naming a guardian or trustee for them is essential.
Protect your business – The adage “you can’t take it with you” applies to outstanding debts, so creditors may seek payment from your estate. In essence, an estate plan can ensure that your business is passed on without interruption.
Leave a legacy – If you want a portion of your assets distributed to your favorite charity, you must specifically denote how this may be done. Without it, Colorado law will determine how your assets are distributed.
Plan to be taken care of – Women typically live longer than outlive their spouses, so planning for someone else to take care of you in your golden years is prudent.
If you have additional questions business succession planning, an experienced estate planning attorney can help.