SHOULD YOUR BUSINESS BE INCLUDED IN A TRUST?

You’ve worked hard to build your business. And now that the time has come for estate planning, you may be wondering if you should put your business into your living trust?

What are the benefits? A living trust for a business relieves the responsibility of business debts on your family members and loved ones. Without a trust, business assets may be used to satisfy personal debts, which could potentially cause the business to fold.

Estate planning attorney Randy Doane of Doane & Doane says:

“Putting your business into your trust may help you avoid taxes, and it can also help manage family wealth for minor children. In the event you owe large, delinquent personal debts, trusts can protect business assets from seizure by creditors.”

Mr. Doane continues to say that if you are planning for future generations to take over the enterprise, the protection of your business’s assets is critical. Even if you incorporate your business or set up a limited liability company, an LLC, you will be somewhat protected personally, but your business’s assets won’t be.

Several different types of trusts are available to you, and you will need to choose the type of trust that best fits your situation.

The guidance and input of an experienced estate planning attorney can steer you in the right direction, not only for your sake, but your business’s sake, and your heirs.

When you have questions, Doane & Doane will be there for you with the answers. Find them online today at doaneanddoane.com.