Top Trust & Will Attorney Fred Haiman Key Highlights Considerations For Business Owners’ Estate Planning Decisions – Frisco, TX

Frisco, Texas, United States – May 30, 2022 —

Company owners should consider effective estate planning to protect their future business interests, asserts estate planning attorney Fred Haiman.

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

Areas including insurance issues, contingency planning, and succession strategies require careful thought by company owners looking to guarantee their businesses long term future, Haiman said in an interview this week. 

The partner of Haiman Hogue, in Frisco, TX, elaborated: “Without proper planning, all their invested time, effort, and money could amount to nothing. Nowhere is this more important than family-owned businesses. Estate planning offers peace of mind so that if anything happens, there is someone to take over the business.”

An important step is to consult an experienced estate and business planning attorney to formulate an estate and business plan, as they are the experts who provide the best advise on issues of concern and can help simplify overly complex matters.

From the outset, a business owner should draw up a will and trust outlining their wishes for the business and how assets should be divided upon death. This should also include a power of attorney to manage your business interests and a healthcare directive that allows someone of trust to make decisions if you become incapacitated.

A well developed estate plan can provide a structure that people have to follow, which prevents family members from fighting over the business and its assets in court. 

One option is using a Trust structure to be the member of an LLC or hold the shares of a corporation. An experienced attorney can also advise on how to minimize the impact of federal and state-based estate and inheritance taxes.

Haiman said: “As part of the estate planning strategy, having life and disability insurance is a must. They provide ample cover for the family if you die and an income stream to the business to keep it operating.” Usually, a business owner will buy two types of insurance: policies for the family and business as beneficiaries.

Creating a succession plan that specifies who takes over the business should you die or become disabled is another excellent idea. Haiman commented: “Conversations, difficult or otherwise, will be needed to ensure a smooth transition of business ownership. Some variables also need to be considered, alongside your attorney’s advice on setting out a succession plan in the estate planning documents.”

Once an estate plan is created, a business owner should speak to all affected parties, stakeholders, and family members to make them aware of their plans. “Being upfront reduces potential conflict between different parties down the line,” Haiman concluded.

Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com

Release ID: 89075811

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