The end of the year is as a good time for the small business owner to review recent developments in their personal lives and update their estate plan where necessary. There are a number of estate planning issues unique to the small business owner that should be addressed with a Florida estate planning attorney.
As the family of the business owner develops and grows, so must their concern about properly structuring the business. Births, deaths, and marriages are all life events that have enormous consequences on both a business and an estate plan. Children become adults, obtain educations, and seek to take over more managerial roles within the company. The well-informed business owner needs to be alert to and aware of the potential consequences of their personal developments on their business organization and ownership structure. Unfortunately, the reality is that many families show little concern for proper planning during this critical growth phase, and the consequences of many business and estate planning decisions made during this time are not completely analyzed or understood.
Eventually, ownership and control of the business mut be turned over to the next generation; and many small business owners feel that the most difficult decision they make is deciding how ownership and control should be passed. This decision can be made even more difficult by the fact that multiple family members may feel that they have an unofficial “ownership” interest in the business by virtue of the time and effort that they have put into it over the years. Ultimately, the person(s) chosen will likely be those who demonstrate sound business judgment as well as a knack for preserving family harmony.
As the year draws to a close, now is the time to sit down and evaluate the changes in our lives that may have an effect on our plans. A discussion with a Florida estate planning attorney is a great way for a small business owner learn how their business plan can be structured to best accommodate developments in their personal circumstances. If you are a small business owner in Florida, contact an Attorney in Jacksonville to see how we can advise you today.