Attorney for Addressing Business Interests in Your Shelby County Estate Plan
Estate planning is important for any individual or family, as it can afford them peace of mind to know that their wishes will be followed regarding their assets in the wake of their passing. Such planning is especially important for those who own businesses or shares of business interests. The entire future of the business is likely to depend on the current owner’s preparations and plans.
If you own a business, our attorneys are equipped to help you develop an estate plan that accurately encapsulates how you want your business to be handled upon your death. There are several ways to do so, but at the offices of Douglass & Runger, Attorneys at Law, we have knowledge and skills to assist you in utilizing the right tools for your unique circumstances.
The Importance of Estate Planning
As a business owner, it is up to you to plan for your company’s future. If you were to die without an estate plan, the state’s laws of intestate succession would dictate what happened to your business. If you reside in Tennessee and have a spouse and children, for example, your estate—including your business—would be divided between your surviving spouse and your children. Additionally, how the business is divided would be up to the administrator appointed to your estate. This means the administrator would have to decide whether to leave the business intact or sell it and divide the proceeds.
With a comprehensive estate plan, however, you can stay in complete control. Not only do you get to choose your own estate administrator, but you can also leave specific directions regarding what the administrator should do with your business. For example, you might want the administrator to facilitate the transition of the ownership of your company to one of your children. Alternatively, you could also direct the administrator to sell the business to your chosen successor or on the open market.
Trusts, Estate Taxes, and Other Considerations
At the offices of Douglass & Runger, Attorneys at Law, we understand that planning for the future is not always easy, but it is extremely important. Our lawyers can help you determine the best course of action for your business based on your desires, family situation, and other factors. If the best option is to hold the business in trust, we will work with you to establish and fund the trust, as well as all of the necessary paperwork.
Our attorneys will also advise you regarding any potential estate and inheritance taxes that may apply. By doing so, we can help you make educated decisions that minimize the amount of money that goes to the government instead of to your loved ones. We understand the importance of establishing protections for any unexpected circumstances that may arise.
Keep in mind that estate planning is not just planning for what happens after your death. A solid estate plan could also include powers of attorney, which give decision-making authority regarding your business to a person or entity of your choosing in the event of your incapacitation.
Contact a Memphis Estate Planning Lawyer
For more information about our law firm or to get started with your estate plan, contact the offices of Douglass & Runger, Attorneys at Law. We provide trusted guidance and experienced representation in a wide range of estate planning and probate matters, and we are prepared to help you and your family. Call (901) 388-5805 to schedule your initial consultation today.
