Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

Estate planning for entrepreneurs with business assets

Creating an estate plan is important for those who have assets that they want to pass down to family members. For a New York entrepreneur, an estate plan can also serve as a succession plan that allows business assets to be transferred smoothly to the next owners. An estate plan can help to ensure that an entrepreneur's company continues to run smoothly even after the owner dies or becomes incapacitated.

One obvious document that most people will want to have in their estate plan is a will. A will is a legal document that a person can use to pass business assets to beneficiaries and specify who will be responsible for distributing the assets correctly. If a person owns a small business that is a sole proprietorship, it is very important that the will allows the executor to gain access to bank accounts and email accounts related to the business.

A will is a public document that must go through probate court, so an entrepreneur may want to avoid this type of scrutiny. Sensitive business information can be transferred with a trust instead. A trust can also speed up the process of business succession because it can allow a business to be passed directly to the next owner without going through the court system.

An estate planning attorney may be able to help an entrepreneur to design a comprehensive estate plan that allows business assets to be transferred quickly and efficiently. With proper planning, an entrepreneur may also be able to pass down instructions that make the transition easier for the next generation.

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