Protect Your Business with McAllen Estate Planning Lawyers

Starting your own business is a challenging task. You create an idea, build your company’s foundations, and continue nurturing it through thick and thin. It’s a lifetime of work that many Texas entrepreneurs would want to protect even after they’re gone. Our McAllen estate planning lawyers want to share three tips for you. 

Discover how to tailor your estate plan to protect your business.

Draft a Business Succession Plan

Business succession planning is essential for preserving your legacy. It can help you ensure a seamless transfer of business ownership when the time comes. You will have to:

  • Identify the right person to take over
  • Evaluate their qualifications and commitment
  • Develop a succession plan that outlines timelines and crucial steps for this person to take over.

Create a Buy-Sell Agreement

This legally binding contract indicates what will happen to your business shared in the event of death, disability, or retirement. The benefit of this is:

  • If you have a business partner, your buy-sell agreement can be used to provide a fair and predetermined valuation of the business to avoid disputes. 
  • Provides a smooth transfer of ownership through predetermined terms and conditions.
  • It offers financial security to your beneficiaries by guaranteeing a fair market value for your part of the business.

Categorize Personal and Business Assets

No matter how new or well-established your company is, it’s crucial to maintain a clear distinction between personal and business assets in your estate plan. By separating each, you can protect your assets from business-related liabilities while keeping your loved ones’ inheritance away from harm’s way. 

Tell Us About Yourself

If you’re considering starting a business or entering your entrepreneurial years, you’ll want to safeguard your legacy even after you’re gone. Our McAllen estate planning lawyers are ready to help. Ready to get started? Send us a message and share you situation with us.

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