Business owners in McAllen must be on top of a million things on any given day. They have to keep track of their personnel, evaluate their inventories, keep a watchful eye on their finances, and deal with day-to-day operations. If you’re one of these people, have you taken the time to create an estate plan?
There are two vital estate plan stipulations to consider, which we’ll go over below. And don’t worry – our estate planning lawyers in McAllen know that time is money, which is why we want to help you by offering some important information.
Trusts
A trust is a fiduciary agreement that holds assets for beneficiaries and can potentially provide estate tax and protective benefits. But what does this mean for a business owner? A properly executed estate plan allows business owners an avenue to dictate how their company should be run in the event they become incapacitated, whether due to illness, injury, or other cause. In many ways, it protects the owner from losing control of the business or the business itself, such as through bankruptcy.
If you decide to gift business property or stocks, a trust lets you do so. It can additionally prevent probate courts from using the business’s valuables to liquidate any outstanding balances you have.
Power of Attorney
If you’re unable to make decisions as a business owner, then a power of attorney clause allows a person you trust to do so on your behalf. With this powerful tool, you can give partial or full authority by having a lawyer disclose how much control this person should have.
A person with power of attorney can have:
- The ability to oversee a business’ finances.
- The authority to decide if your business should be sold.
- The power to modify your business operations
Contact a McAllen Estate Planning Lawyer Today!
Contact us online today to discuss your matters and begin the process of drafting your estate plan!