Estate Planning Attorney Dennis Toman Shares Top Tips For Business Owners To Protect Their Future & Assets – Greensboro, NC

Dennis Toman founder of The Elderlaw Firm in Greensboro, NC reveals keys things that business owners can do to protect their assets. For more information please visit https://www.elderlawfirm.com

Greensboro, NC, United States – June 30, 2021 /MM-REB/ —

A business owner not only needs to focus on the day to day now of their company, but towards tomorrow, Dennis Toman, founder of The Elderlaw Firm in Greensboro, NC, said this week.

For more information please visit https://www.elderlawfirm.com

Toman’s reasoning is the need for an entrepreneur to consider ‘the-what ifs” that may happen in the future.

Estate planning tends to be put off by most people until it is too late, but for business people, the future should be today when it comes to ironing out how they envision their business to carry on if they are unable to be instrumental in its direction.

Toman lands on several issues that should be addressed as urgent and help give company owners peace of mind.

He recommends a business owner reflect on the future and what they would like to happen to the business. This may well include some searching questions to younger generation family members if they are willing to take the company on and what needs to be done if there has to be an alternative approach.

Toman said: “Whatever path they take, it would be better to consult a specialist Estate Planning attorney who can help collaborate with a strategy that is best for them and their company. They can also advise on how to set up trusts, and address taxes and other legal issues that may come to the fore in these conversations.”

In taking such life-affirming decisions, the business owner should also have conversations with those around them on their decisions and with all parties involved in their estate planning.

He said: “Once an estate plan is created, then it can be adjusted or changed to reflect changing times, lives and relationships of those around a business owner. That ensures there will be a smoother transition as and when the time happens.”

As well as keeping their records straight, a business owner should also consider opting into life and disability insurance, not only for the family but also for the business.

Toman said 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.

“An experienced estate planning attorney can help clarify things when drawing up a will and the estate plan,” he added. “As part of that, is the need to have a succession plan which manages the transition period and who steps into the leadership role in their absence.”

Toman advised owners to consider a buy-sell agreement of the business if there are multiple owners. “A buy-sell agreement allows the owners of a business to come together and decide what happens in case one of them can no longer participate in the company.”

While also keeping their tax records and business files up to date, he advised that a business owner should review their estate plan at least once every six to 12 months with their Estate Planning attorney to ensure it is present and correct, and fit for the future.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com

Source: MM-REB

Release ID: 89031036