Leading Estate Planning Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, urges business owners to reflect on what they would like to happen to the business. For more information please visit https://dougnewbornlawfirm.com
Tucson, Arizona, United States - May 30, 2023 —
A business owner must juggle the demands of the here and now of their company’s activities with tomorrow’s unpredictable times, advised Arizona estate planning attorney Doug Newborn this week.
For more information please visit https://dougnewbornlawfirm.com
Newborn’s reasoning is the need for an entrepreneur to consider the “what ifs” – what if they die, who runs the business; what if they become incapacitated? How can they manage the business?
Estate planning is put off by most people until it is too late, but for business people, the future should be today in how they envision their companies continuing if they cannot be instrumental in their future direction.
The Founder of Doug Newborn Law Firm, PLLC in Tucson, AZ, highlighted several issues that should be addressed as urgent to give company owners peace of mind.
He urged owners to reflect on what they would like to happen to the business. This may well include searching questions of younger family members if they are willing to take the company on and consider an alternative approach if they aren’t.
While keeping their tax records and business files up to date, owners should consider opting into life and disability insurance for the family and their business.
Newborn advised owners to consider a buy-sell agreement of the business if there are multiple owners. “A buy-sell agreement allows the owners to come together and decide what happens in case one of them can no longer participate in the company.”
Once an owner has a clear idea of what to do, they can begin creating a will, naming those who inherit assets and writing in conditions that may apply if they become incapacitated and require a power of attorney or guardian to act on their behalf.
In making life-affirming decisions, business owners should talk with those around them about their choices and those involved in their estate planning. Newborn said: “Whatever path they take, they should consult an Estate Planning attorney who can help collaborate on their chosen strategy. They can advise on drawing up a will, setting up trusts, and addressing tax and other legal issues.”
“They should have a succession plan which manages the transition period and who steps into the leadership role in their absence. Once an estate plan is created, it can be adjusted to reflect changing times, lives, and relationships of the owner. That ensures a smoother transition as and when that happens.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 North Oracle Road, Suite 230 Tucson, AZ 85704
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
Release ID: 89098466
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