Business Estate Planning in Alameda County
Create a Strategy with Our Castro Valley Business Estate Planning Lawyer
As a business owner, one of your greatest sources of pride is the company you have built and maintained over the years. Under your careful direction, it has been able to operate with as little speedbumps along the way as possible, but what will happen when you are gone? Is there someone who can take over when it comes the time for you to focus on your own health instead?
These are very real concerns for business owners all throughout the country, and many still do not know the answers to these pressing questions. The good news is that you do not have to go into this complicated legal matter on your own. If you live in or around Alameda County, you can rely on the estate planning attorney from our firm, Randick O’Dea Tooliatos Vermont & Sargent.
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Important Matters Regarding Your Business and Your Estate
Even if you are just running a local mom-and-pop shop, there is undoubtedly a great deal going on behind the scenes. A properly prepared estate planning strategy will address all aspects of your business, how they relate to your estate, and how they should be handled when you become incapacitated or pass away.
While the list of everything that should be discussed with our firm may be extensive, a few major points to consider include:
- Tax minimization: Protect your business’s profits from steep IRS estate taxes, sometimes known as a “death tax.”
- Buy-sell agreements: If your business involves shareholders or partners, you can describe how you want them to act upon your passing, either by buying out or selling your shares. You may have to create a life insurance plan to help your partners buy out your shares, if that is the route you decide to take.
- Business debts: You can designate your personal property, such as your home or automobile, to be used to pay off any business debts upon your passing.
- Choosing heirs: Family-run businesses will need to name who will primarily assume your previous roles. You can choose from spouses, children, and close family friends. Regardless of what you choose, this step is critical and should only be taken with the assistance of an estate planning and probate attorney.
Ready to Proceed? Call us at our Castro office (510) 344-2599 or Pleasanton Valley office (925) 460-3700 Today
Both your business and estate will serve as powerful symbols of who you are and you should do all you can to ensure they are upheld, even after you are gone. It might be stressful to consider what will be done with your business and your assets after passing away, and you might even be worried that you have not yet created an effective plan.
There is always time to take the rights steps and construct your own estate plan with our Alameda County business estate planning lawyers. With our firm at your side, you can feel comfortable in knowing that your and your family’s futures are in good hands.
Contact us to speak with a friendly and knowledgeable legal professional today.