ESTATE PLANNING FOR BUSINESS OWNERS 6 THINGS YOU SHOULD KNOW ROSS BRUNSON, CONTRIBUTING WRITER
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As a business owner, you’ve invested substantial time, money, and heart into building your enterprise. However, one crucial aspect of your business may often be overlooked: estate planning. While you may associate estate planning with wills and trusts for personal assets, it’s equally vital for business owners who want to ensure their business continues to thrive, even after they’re gone. PASSING THE BATON Your business is more than just a source of income; it’s a legacy that reflects your hard work and dedication. An effective estate plan helps safeguard that legacy by detailing how your business will be managed, transferred, or sold upon your passing. Without a solid plan in place, your business could face disruption, loss of value, or even dissolution, which could negatively impact your employees and family. WHAT TO CONSIDER? Will or Trust: Start with a will or a living trust. A will outlines how your assets will be distributed, while a trust can provide more control over asset management. Trusts can also help avoid probate, which can be lengthy and costly. Business Succession Plan: If you plan to keep your business within the family or pass it on to a key employee, ensure a smoother transition with a succession plan. This plan should outline who will take over, as well as their responsibilities. Power of Attorney: Designate a trusted individual as your power of attorney. This person will make financial and legal decisions on your behalf if you become incapacitated — someone who understands your business and can act in its best interests. Buy-Sell Agreement: If your business has multiple owners or partners, a buy-sell agreement is vital. This legal arrangement ensures that if one partner passes away, their interest in the business will be bought out by the remaining partners, thus preventing external parties from sudden involvement. Life Insurance: Consider life insurance as part of your estate planning toolkit. The IUL LASER Fund can be used in this situation, helping provide for a buy-sell agreement. When you pass away (or even if you or your partners become disabled or decide to leave the company), the insurance compensates the remaining partner(s) with money to buy out the company. Consult Professionals: Consulting with financial advisors, estate planning attorneys, and accountants who specialize in business can help tailor a strategy to your specific situation. Estate planning isn’t just about protecting your wealth; it’s about ensuring your vision and legacy endure. By putting these critical elements into place, you can have peace of mind, knowing that your business will be taken care of in the future.
–Doug Andrew
FUN FOOD IDEAS
PEANUT BUTTER CHOCOLATE CHIP COOKIES
Late summer get-together? End on a sweet note with this Andrew family favorite.
INGREDIENTS
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1 c peanut butter (smooth)
1 c sugar
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2 ½ c flour
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1 c softened butter
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½ tsp salt
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2 eggs
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1 ½ tsp baking powder
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1 tsp vanilla
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1 c milk chocolate chips
Preheat the oven to 350 degrees. Cream together the peanut butter, butter, eggs, and vanilla. Mix the dry ingredients and add to the rest of the creamed mixture. Gently stir in the chocolate chips. Roll the dough into balls (or spoon the dough, if preferred) and place on a cookie sheet. Bake approx. 9 minutes and serve! DIRECTIONS
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