By creating a comprehensive estate plan that safeguards your business with our Attorneys in McAllen Texas, you’ll be able to protect your legacy and ensure that it remains in good standing, just like you would want when you’re no longer here. But what important factors should you consider when you plan your estate? Our estate planning lawyers can help. Small businesses are the beating heart of McAllen. Each year, people like you pour their time, effort, passion, and heart into establishing and nurturing a dream. It’s a massive undertaking to consider when you begin your estate planning process.
Let’s Talk About Succession
Have you thought about who you trust to take over your company once you decide to retire or pass on? The line of succession is pivotal for business owners like you. You may want your business to go to a family member. You may like it sold to a partner or liquidated. Whatever your intentions, you must create a clear succession plan that prioritizes your wishes for your business.
Your Business Assets Cannot Be Overlooked
As you can imagine, your business assets are crucial for your business’s financial security, which means protecting them is paramount. As you create your estate plan, you may consider:
- Establishing a trust to hold business interests
- Implement buy-sell agreements
- Structure business entities to minimize liability risks
Business assets are a cornerstone of your financial security; protecting them is paramount.
Prioritize Continuity
As covered above, creating a succession plan is crucial for your company’s longevity. That said, developing contingency plans that can protect your business in the short term is essential. After all, unexpected events such as incapacitation or death can quickly disrupt business operations. With a contingency plan, you can appoint someone you trust to manage your business affairs in your absence and safeguard critical information such as passwords, access codes, and operational procedures.
Address Key Personnel Matters
It may be hard to imagine now, but your passing could shake the foundation of your business: your employees. We strongly suggest your estate plan include provisions for key personnel. These provisions can help:
- Establish incentive plans to retain key employees
- Document protocols to ease the transition of leadership roles
- Designate successors for some of your most essential positions if they become vacant
Coordinate Your Personal and Business Plans
It’s not uncommon for a business owner’s personal and business assets to intertwine. If that’s the case in your situation, addressing both aspects of your financial life in your estate plan is essential. Whether you’re working on a personal will, coordinating trusts, or adjusting beneficiary designations, your estate plan should consider everything you value.
Seek Guidance from Attorneys in McAllen Texas
The last thing you want is to leave out an important decision for your business or personal life. To help avoid any issues and ensure a comprehensive plan of action, we strongly encourage you to seek the guidance of professional estate planning Attorneys in McAllen Texas.
Fryer and Hansen is ready to help. Our team is prepared to listen to your story and help you evaluate the options that will benefit you, your company, and your loved ones. Get in touch with us a call today to schedule an appointment and start planning.