Individualized Estate Planning Guidance For Business Owners
As a business owner, thinking about the growth of your company is key. You work hard to ensure that operation runs smoothly and your enterprise flourishes. In the midst of developing your brand, however, you might lose sight of planning for the future.
Considering what to do with your business in the event you become incapacitated or die — particularly if you operate a sole proprietorship — is important.
At Stockton, Barker & Mead, LLP, in Troy, New York, we can help.
Helping You Plan For The Future
Founded in 1994, our law firm assists business owners in Albany and surrounding areas with aspects relating to workers’ compensation defense. We also frequently help employers make plans for the future, like creating solid estate plans that protect their business entities.
Estate Planning Tools To Consider
Depending on the entity and situation, there are various estate planning tools available you may want to consider, such as:
In basic terms, a will is a document that outlines how you wish to distribute your assets and to whom when you pass away. Without a will, however, the business you have worked hard to establish may not pass on to the heir of your choice.
Without a will, New York’s intestate laws will determine who gets your business. We can help create a will for you and lay out a plan that outlines your wishes regarding your business and/or personal affairs.
Some business owners often opt to transfer their interest in their entity to a trust. Like a will, a trust also allows you to determine who gets what and when in the event you pass away.
There are various types of trusts available. Which one is right for you will depend on your circumstances. We can discuss whether a trust is beneficial for you and available options.
A Power Of Attorney
Who will make decisions regarding you or your business operations in the event you become incapacitated or pass away? This is a common question posed to many business owners.
By establishing a power of attorney, you can name a trusted person to make such decisions for you. If you wish to name a go-to person for all business-related matters in the event you become incapacitated or pass away, we can help you determine the right person to handle such matters and their scope of power.
Experienced Guidance During The Probate Process
Our firm also assists with the probate process, helping individuals administering another person’s estate after he or she passes away.
Perhaps you have been appointed as the executor of an estate and are unsure about your duties and responsibilities. Maybe your spouse has passed away and you must determine how to proceed with his or her business matters.
Whether you need help ascertaining your loved one’s assets or debts, our attorneys have the skills needed to walk you through each step of the probate process. We also resolve disputes, should they arise during the probate process.
Consult With One Of Our Lawyers Today
Reach out to our firm to learn more about how we can help you plan for your future and the future of your business through estate planning.