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Estate planning as a small business owner

Estate plans are important for a number of reasons, such as protecting the way in which one's assets are split up among those they love and finding some peace of mind in knowing that these matters will be handled properly in the future. Everyone is in a different position when it comes to estate planning, whether someone has a vast amount of wealth or a relatively modest income, has a large family or is unmarried with no children, etc. Moreover, those who run a small business have additional issues to take into consideration.

Small business owners have to consider a plethora of factors when creating an estate plan. For example, they may need to focus on how their business will be passed on to those they love, and how this decision could impact the future success of a business they have worked so hard to develop. From disagreement within the family to an inability to successfully run the business due to inexperience, there are a number of potential hurdles to consider when it comes to your business.

As a small business owner, you likely have a variety of stressors to confront each day. These challenges can make you feel exhausted or too busy to deal with estate planning. However, estate planning is a pivotal part of protecting your business, your other assets and your loved ones in the event that you pass away. Moreover, some people face unexpected health crises they never saw coming, so it is important to handle these matters promptly.

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  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
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  • NAELA National Academy of Elder Law Attorneys, Inc.
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