Starting your own business is an impressive endeavor. You may invest countless hours and substantial financial resources into this new business, and if you are fortunate, it could become one of your largest assets. For these reasons, it is essential that you consider an update to your estate plan when starting a new business. An experienced Anaheim estate planning lawyer can assist you in revising your estate plan to properly address your new business.
Why should you consider amending your trust to specifically address a business interest? The following are several examples:
- Without proper planning, your business may come to a grinding halt if something should happen to you.
- By using a trust, your loved ones can avoid having to open up a California probate in order to keep running the business. Instead, the trustee can continue the operation of the business without court oversight.
- The trust may help you to minimize taxes.
- The trust can create a succession plan for your business, helping your employees understand what should happen if you are deceased or incapacitated.
- A trust can dictate the specific assets that should be used to pay debts of the estate, or the order in which the assets should be used, calling upon business assets last if that is your goal.
Even if you already have a trust in place as part of your California estate plan, you likely lack the specific provisions that you may need if you recently started or purchased a business. Fortunately, modifying your existing trust can be done easily and efficiently by the right professional. To learn more about modifying your estate plan, view our free pamphlet, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Our office of experienced Anaheim estate planning attorneys can guide you through the process of properly planning for your newly acquired business assets. Call our office today at (714) 459-5481 for a consultation.