The document discusses the importance of estate planning, especially for business owners. It recommends that business owners include a will, powers of attorney, and possibly a living trust in their estate plan. A business succession plan and buy-sell agreement can also help ensure a seamless transition of the business. The document also suggests that business owners consider key person life insurance to provide the business with funds if a key employee dies or becomes incapacitated.

2. Even though a lot of people don’t have plans (some surveys have placed this
number as high as more than 50%,) many people actually do care what
happens to their assets after they die (even if they don’t have a plan.) Taking
control of your legacy and putting down on paper a plan dictating your goals
for your wealth is important for most anyone. It is, however, exceptionally
important for anyone who owns a business. Failing to plan if you’re someone
who doesn’t own a business potentially means creating uncertainty about your
personal wealth.

3. There are several potentially useful steps you can take as part of your estate plan
in order to ensure the continued well-being and seamless functioning of your
business. Like most anyone, your plan should include a will and powers of
attorney. As is the case with many non-business owners, your plan may also
benefit from a living trust. While your living trust may help you avoid the
potentially expensive and time-consuming process of probate administration
after you die, your living trust (or your financial power of attorney in plans
that don’t include a trust) can also be very beneficial during your lifetime.

4. If you become ill or injured and are in a state where you cannot make decisions
for yourself, your living trust or power of attorney can help you avoid the legal
process of guardianshipand/or conservatorship. These legal processes can be
expensive and stressful for you and your family and, what’s possibly worse for
business owners, may result in the court appointing someone who may not
agree with your wishes regarding the operation of your business.

5. There are other things that can be useful parts of your plan that are unique to
business owners. One is a “business succession” plan. This is a formal, written
declaration about how and when the transition of your business should occur.
This planning tool can help ensure that your business transitions from you to
the person you want to succeed you in the most efficient and seamless manner
possible. For businesses that are partnerships or certain other small businesses,
a “buy-sell” agreement may be helpful. This agreement will lay out the terms
for the re-allocation of your ownership interest in the business should you
become incapacitated or die.

6. Another tool that business owners may consider in order to ensure the
continued seamless operation of their entities is life insurance. Specifically,
there exists something called “key person insurance.” If you have an integral
or “key” executive within your organization whose death or incapacity would
put your business’s operations in a serious bind, you may decide to purchase
this type of insurance. This policy pays a benefit to the business upon the
death of the key employee, providing the business with a cash benefit during
that period in which the entity seeks to replace that key employee.

7. For More Information About Legacy Assurance Plan:
 http://legacyassuranceplan.com/
 https://www.linkedin.com/company/legacy-assurance-plan
 legacyassuranceplan.blogspot.com
 https://www.youtube.com/watch?v=pDwCDT0E-AE
 https://www.facebook.com/legacyassuranceplan/
 https://twitter.com/AssurancePlan