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Estate planning preserves a small business owner's dream

A small business owner has enough to think about just to keep the business running smoothly. Sometimes it's enough to be able to focus on the day-to-day necessities without worrying about problems that may or may not happen years down the road. Unfortunately, if an entrepreneur supports his or her family with the profits from a business, there is no room for the luxury of postponing creating a contingency plan. A major element of protecting one's business and family is estate planning.

Business advisors recommend Oklahoma entrepreneurs have certain vital documents prepared to guard against unforeseeable events. First, a financial power of attorney grants authority to someone so that important decisions can be made when the business owner is incapacitated. For example, if the owner needs surgery or becomes ill, the FPOA can ensure bills are paid and operations continue until the owner is able to carry on his or her responsibilities.

While no one likes to think about it, a business owner must face the fact that he or she may die sooner than later. If the entrepreneur has established a living trust, the business may continue to provide for his or her family by passing the assets through a chosen trustee rather than through probate court. Additionally, a will works with a trust to outline one's intentions, designate an executor and explain one's wishes for the continuing success of the business.

Preparing a plan for one's estate can be a generous gift to one's family. With the help of an Oklahoma estate planning attorney, an entrepreneur can examine his or her options for the succession of the business and the smooth transition in the event of an illness or other misfortune. Thinking ahead may give a business owner's loved ones peace of mind at an otherwise difficult time.

Source: entrepreneur.com, "An Emergency Safety Valve: The Case for Entrepreneurial Estate Planning", Ellie Martin, July 20, 2017

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