Estate Planning for Small Business Owners: Protect What You’ve Built
For small business owners, estate planning goes beyond protecting personal assets — it’s about ensuring the continuity and stability of the business you’ve worked hard to create. A well-crafted estate plan can provide clear direction for successors, minimize disputes, and reduce financial uncertainty for your family and partners.
✓ Why Estate Planning Matters
- Keeps your business running or transitions it smoothly if something happens to you.
- Prevents confusion, loss, or legal disputes for your family and team.
- Helps preserve the legacy and value of your business.
✓ What Estate Planning Involves
- Legal documents and strategies to protect both personal and business assets.
- Plans for incapacity or death, ensuring your wishes are honored.
✓ How It Protects Your Business
- Prevents disruption in leadership or operations.
- Minimizes conflicts among heirs or business partners.
- Reduces taxes and legal fees.
- Secures your business legacy.
✓ Key Elements to Include
- Will/Trust: Directs asset distribution; trusts help avoid probate.
- Succession Plan: Names future leaders and outlines transition.
- Buy-Sell Agreement: Enables fair partner buyouts and ownership transfers.
- Life Insurance: Helps fund buyouts or meet business obligations.
- Power of Attorney: Appoints someone to manage business decisions if you’re unable to.
✓ Special Tools for Business Owners
- Revocable Living Trust: Allows fast, private ownership transfer.
- Tax Strategies: Use of gifting or insurance trusts to reduce taxes.
- Section 6166: Allows deferral of estate taxes for qualifying small businesses.
If you’re a business owner without an estate plan — or if your plan needs an update — Wade Law Offices is here to help. Contact us today to protect your business, your family, and your legacy.