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Entrepreneurs Need Estate Planning, Too

May 1, 2018

Filed under: Business Planning — Neel Shah @ 9:15 am

Young entrepreneurs have a variety of different things on their plate, and many of them may be averse to estate planning because they are concerned with dealing with the day-to-day actions of running a business.  However, business succession planning, asset protection planning, and estate planning are all a critical component of owning a business. 

Typical financial plans include a number of different factors that are all weighted differently depending on your stage in life.  These include tax planning, estate planning, investing, and money management. You will also need to prioritize what is most important for you based on your values, desires, and needs. Ensuring that you’re headed in the right direction as a young entrepreneur typically begins by scheduling a team of professionals to help you with all of your various concerns.  

Having the support of knowledgeable professionals who have been working in this field for some time can help you avoid many of the most common pitfalls experienced by business owners, including lack of having a succession planning, not separating business from personal assets, and not considering how tax planning and estate planning work together for your individual assets.  

Scheduling a consultation with a knowledgeable estate planning attorney is frequently the first step in protecting your best interests and articulating a long-term plan for what will happen to you and your company.

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