Serious minded individuals who want to be prepared at all times would do well to develop an ongoing relationship with a good Hartford financial planning lawyer. This is true for everyone, but it is even more essential for people who are in certain situations.
One of these circumstances that would call for specialized expertise would be that of small business ownership.
A very simple estate plan for someone who works for a company and earns a salary is one thing, but when you own a business you have a different situation. When you retire from your job you simply walk away and the ownership of the business carries on. But when you are the owner you must think about succession planning.
This can be a complicated matter and various different scenarios could present themselves. For example, you may want to keep the business in the family. If you do you will proceed differently over the years than you might if you intended to sell the business when you decided to retire, perhaps investing more into property, equipment, and expansion.
And then you may want to give the business to one of your children who has worked in the business throughout his or her life while others have embarked on different career paths. How do you balance inheritances and provide for everyone equally?
Each situation is unique and specialized attention is required. If you are interested in devising a comprehensive plan for the future as a small business owner, take action right now to arrange for a consultation with a seasoned and savvy Hartford estate planning lawyer.