Top estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX outlines key points that a business owner needs to consider to protect their assets and company future. For more information please visit https://www.haimanhogue.com
Arlington, TX, United States - January 21, 2022 /MM-REB/ —
A business owner needs to address the ‘what if’ moments now before they occur and impact their company, revealed Estate Planning Attorney Guy B. Garner.
For more information please visit https://www.haimanhogue.com
The Senior Partner of Haiman Hogue, PLLC, in Arlington, TX, recently outlined some touchpoints that a business owner needs to consider to protect their assets and company future.
His reasoning is that entrepreneurs need to consider ‘all the-what ifs” – what if they die, who will run the business; and what if they become incapacitated, what happens then to the business?
“While most people put off estate planning until it is too late, for business people, the future is today. Business owners need to think about how their business will continue to carry on if they are unable to be available and instrumental to its future.”
Garner pinpointed several issues that should be addressed as urgent, with one of the priorities being what they would like to happen to the business. This may well include searching questions such as: are there younger family members that are willing and able to take over the company or whether an alternative approach is required.
He said: “Whatever path they take, they should consult an estate planning attorney who can collaborate on a strategy that is best for them and their company. They can advise on how to set up trusts and address taxes and other legal issues. It’s best if the estate planning attorney is also a business planning attorney who can look at the company structure and company agreements or other documents that outline succession issues”
By taking such life-affirming decisions, a business owner should be communicating with those around them on their choices and all parties involved in their estate planning.
“Once an estate plan is created, it can be adjusted or changed to reflect changing times, lives and relationships of a business owner. That ensures there will be a smoother transition as and when the time happens.” Garner advised.
As well as keeping their tax and business records straight, an owner should also consider opting into life and disability insurance, not only for the family but for the business.
“Once an owner has a clearer idea of what to do, they can begin creating a will, naming those who inherit assets, and writing in conditions that may apply if they become incapacitated and require a power of attorney or guardian to act on their behalf. A trust is often recommended for business owners because it provides so much more direction and protection than just a will does.”Garner added.
“An experienced estate planning attorney can help clarify things when drawing up a will, trust and the entire estate plan. A big part of that is the need to have a succession plan which manages the transition period and outlines who steps into the leadership role in their absence.”
He advised owners to review their estate plan at least once every 12 months to ensure it is up to date and future-proof.
Garner advised: “Owners may also consider a buy-sell agreement of the business if there are multiple owners. An agreement allows business owners to come together and decide what happens in case one of them can no longer participate in the company.”
Name: Guy B. Garner
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Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Release ID: 89058502