ElderLaw News-The Estate Planning & Elder Law Firm, P.C. — MD, VA, DC
ElderLaw News
ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President., William S. Fralin, Esq., President.

Estate Planning Considerations for the Small Business Owner

As estate planning professionals, a common mistake we often see clients make is failing to consider what would happen to their small business entities upon their death or incapacity.

Setting up an LLC in Virginia, for example, requires the filing of minimal paperwork with the State Corporation Commission. Because it is so easy to create an LLC, many LLC owners fail to consider what would happen to the entity should they become incapacitated or die. As with all estate planning, it is better to address these issues now, while you are able to do so, rather than later, in response to an emergency or when you may no longer be able to communicate your wishes. Developing a clear business succession plan should be an integral part of every small business owner’s estate planning.

To better plan for your death or incapacity, we recommend that you consider each of the following questions:

• Who would you want to run your business in the event of your incapacity?

• Should your business continue after your death, or should it be wound up? When?

• Who would you want to run your business after your death? Is this different from who you would want to benefit financially from the business?

• If there are two or more owners of your business, would you want to give the other owner(s) the option of buying out your share? At what price and on what terms?

For licensed professionals such as doctors and attorneys, it is important that you identify another licensed professional or professionals who would be able to run your business on your behalf should you become incapacitated or die, as simply leaving your interest to a non-licensed family member would be inadequate. A person who is not a licensed attorney, for example, cannot legally wrap up the business of a law firm. We recommend that you identify such a person or persons and discuss with them your business goals and related wishes, to ensure that they would serve in your absence as you would want them to. In many situations, it may be advisable to bring this individual onto your team long before your death or incapacity, in order to provide adequate hands-on training.

After you have considered each of these questions, give The Estate Planning & Elder Law Firm, P.C. a call to set up an appointment. We can work with you to put into place the documentation necessary to ensure that your wishes will be carried out, that your business succession plan and estate planning documents work together, and that any related tax implications are minimized.


Speakers

If you are interested in having an Elder Law attorney from The Estate Planning & Elder Law Firm, P.C. speak at an event, then please call us at:

Maryland (301) 214-2229
Virginia (703) 243-3200
Washington DC (202) 223-0270

The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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The Estate Planning & Elder Law Firm, P.C. encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to The Estate Planning & Elder Law Firm, P.C. If you are interested in a free subscription to the Elder Law News, then please e-mail us at office@chroniccareadvocacy.com, telephone us at (703) 243-3200, or fax us at 703-841-9102.

This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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