Power of Attorney
A power of attorney (POA) clause allows a person to make decisions on your behalf. This option is greatly beneficial for businesses owned by a single person. You can give partial or full authority through a POA when it comes to making decisions on how your business is run. This can be done by having an attorney disclose how much power a person with POA has.
Through a POA, one can:
- Decide if a business should be sold.
- Oversee the business’s finances.
- Hold complete or partial ownership.
- Make changes to the business’s operations (only if allowed to).
Add a Trust
A business owner risks losing or lacking control of their company if he/she becomes incapacitated without an estate plan in place stipulating how their business should be run. If you wish to gift any business property or stocks from your company, you can do so through your plan. Trusts can also prevent a probate court from using these possessions to pay off any outstanding balances.
Trusts can come in various types:
- Revocable trusts
- Irrevocable trusts
- Spendthrift trusts
- Charitable trusts
Choose a Trustworthy Attorney
Without an estate plan, you have little-to-no-say in how your company is run or distributed in the event of your incapacitation or death. We can sit down with you to create an estate plan that meets your needs and alleviates your concerns. Contact our estate planning attorneys in McAllen for a free consultation today.