McCoy Fatula
916-945-2780 Located in Roseville, CA
Contact Menu View Our Practice Areas

Succession plans: prepare your estate for your company's sake

Owning a business and estate planning go hand in hand. There are so many things that can happen over the course of your ownership that you need to prepare for, and one of those many factors is your own health and capabilities. You need to make sure that your company can still function even when you cannot, or, in the worst case scenario, you pass away. There needs to be a succession plan to ensure your company's continued survival and prosperity.

Power of attorney and a health care directive are two crucial ways to protect your business through your estate plan. The power of attorney allows you to appoint someone as your agent for financial purposes. He or she would work and act on your behalf. You can even limit the scope of the power of attorney so that you agent only makes decisions in certain situations or in relation to certain issues and assets.

 

The health care directive functions on a similar level to the power of attorney, except that this won't relate directly to your business. The health care directive allows you to appoint an agent who makes health care decisions for you on your behalf. Make sure your agent knows your last wishes when solidifying your health care directive.

Last but not least, you want to have a succession plan in place for your business. Appoint people who distribute property, assets and stakes in the company in an appropriate fashion, and make sure your will clearly describes how you want your company to be distributed to your heirs and beneficiaries.

Source: Utah Business, "Safe and Secure: Every business owner needs an estate plan," Peter K. Smyth, May 25, 2016

No Comments

Leave a comment
Comment Information

Contact Our Attorneys Now

Please complete the following form to email our office directly.
We will respond to your inquiry promptly.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy