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Business plans that survive the future

In recent weeks, we've covered several stories about the importance of planning for the end of your life; from deciding how you want your medical care to be handled to creating wills and trusts to distribute your assets, estate planning helps you protect your legacy and your heirs. For many, business planning goes hand-in-hand with the type of personal life planning that is involved in dealing with an estate.

Business planning begins as soon as you decide to form a company, and it ends long after you decide to end a company. When forming a company, it's critical to choose the right structure for your organization. Choosing between structures, such as corporations or sole proprietorships, can make an enormous difference in how you run the company in the future and how you pay taxes.

Business structures also play a role in how you handle your part of a business in your estate. Do you own the entire business, or are you a shareholder or partner? Can you create a trust that governs the running of your business, or do you have an heir ready to take over? If you plan to leave your business to someone specific, it's a good idea to start grooming them as early as possible to ensure an easy transition.

If you don't plan on passing your business on, then it's a good idea to dissolve it and take care of loose ends before the end of life; otherwise, you might pass on issues to heirs. It is possible to create plans for closing a business and make them part of your estate plans, but this can be complex. Working with an experienced estate lawyer helps you decide how best to integrate business concerns into your personal estate plan.

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Law Office of Jeffrey B. Pape, P.C.
642 Pollasky Avenue
Suite 100
Clovis, CA 93612

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Fax: 559-299-0920
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