How To Shield Your Business For The Future And Other Questions
A business represents a lifetime of effort and dedication. It is therefore advisable to have experienced advisers on your team to help protect your interests and finances. Attorney J. Robert Parke has addressed the needs of owners and involved parties from the formation of their businesses to estate planning and probate processes in Nevada.
For more than 30 years, he has developed personalized strategies and solutions for his clients’ businesses based on their unique needs and concerns. Mr. Parke shares some of those common concerns regarding business needs and planning for the future in the hope that they might be helpful references.
Why do I need an estate plan for my business?
It is essential to have a comprehensive business plan to protect your business. First, a business plan will ensure your business is handled according to your wishes. Second, a business plan will provide guidance not only in the event of death but also in the case of incapacity. You can appoint parties to make decisions on your behalf regarding your business, assets and finances. The goal is to protect your legacy for your loved ones and give peace of mind to your partners and parties involved in your business.
What happens with my LLC if I pass away and I am the sole proprietor?
According to Nevada law, your LLC will pass to the person you designate as heir in your will in your trust or under a non-probate transfer document. Otherwise, your business will be passed according to state intestacy laws. This is yet another critical reason why the timely drafting of a will or a trust or having other probate-avoidance documents in place can make a difference to protect and preserve your business and assets. A seasoned lawyer can advise you and guide you through the drafting of your will or trust or assist you to put into effect other probate-avoidance measures, providing clear directions and making your last wishes known.
Should I consider drafting a succession plan for my business even when I do not have plans to retire?
Yes. In fact, it is highly advisable to draft a succession plan from the start of your business. Some of the aspects to cover in a succession plan are the appointment of a successor and how the transition will be carried out. A succession plan may also include establishing a method for valuing the business in case you or your business partner wishes to retire, your or your business partner becomes incapacitated, or in the event of the death of you or your business partner.
Your business has unique needs that require personalized legal solutions. If you have more questions regarding your business and planning for the future, call the Law Office of J. Robert Parke, LLC, in Reno to discuss your concerns.
Call Today To Learn Your Options For Tomorrow
Call 775-391-6494 to discuss your options and protect your business, interests, assets and finances. You can also fill out this online intake form to schedule an appointment. Mr. Parke is proud to serve clients from the Gardnerville, Minden and the Lake Tahoe area.