Business Succession Planning Montana

A Montana business succession planning lawyer knows that many business owners have addressed their estate plans but may not be aware of why they should also have a business succession plan in place, as well. Your estate plan covers your personal assets, but you should also have a plan in place that will address the future of your business after you pass away, or even if you decided to retire. Having two distinct plans for your estate and your business can set you up for a comfortable retirement and ensure that the details of your plans are dealt with in a way that you have predetermined. The following is a brief overview of the difference between the two types of plans. For more detailed information about your situation, contact Silverman Law Office, PLLC.

Estate Plan

Although at one time estate plans were only done by the rich, in today’s world, every adult should have an estate plan no matter what their financial standing is. The following are some of the issues that can be – and should be – addressed in an estate plan:

• The home you live in
• Your vehicle
• Any financial accounts
• Any real estate you own
• Your possessions
• Guardianship of your children
• Power of attorney
• Healthcare proxy
• Living will

When you plan your estate, you are deciding how your property and assets will be distributed, ensuring that your loved ones will be provided for when you are no longer here. If you do not have an estate plan in place, then the intestate laws of Montana will apply and your assets could end up going to people who you do not want to benefit from all of your hard work. This could also cause a delay in those heirs you do choose to receive those assets you have let to them. No estate plan often means family disputes and high legal fees, which could end up eating up the bulk of your estate.

Business Succession Plan

A business succession plan is separate from your estate plan. Instead, you are identifying ways your business will successfully carry on when you are no longer at the helm – either due to retirement or death. Your goal in a business section plan is to choose who you want to take over that helm, be it family members or employees. Conversely, your Montana business planning may be to sell your business so you can take those assets and provide financial security for your family.

Without a business section plan in place, your company is vulnerable to the uncertainty that your employees and even your clients may feel, leaving them with feelings of uncertainty and maybe even the decision to look elsewhere for employment or products/services.

Contact Our Law Firm Today

If you own your own business and would like to learn more about planning for your family and your company’s future, call Silverman Law Group, PLLC to schedule a confidential consultation with a skilled Montana business succession planning lawyer and learn what your options are.