${site.data.firmName}${SEMFirmNameAlt}
Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

Estate planning issues for business owners

Delaware residents who own businesses often go through great pains to make them a success. Failing to account for what will happen after death could undermine their hard work and potentially mean the end of the business. Every business owner should account for the estate planning issues that accompany such ownership.

For example, dying without a will makes all of an individual's assets subject to Delaware's intestacy laws, which more than likely will not reflect the wishes of the decedent. The business could end up in the hands of a relative that the owner never intended to be involved in it. Things get even more complicated if there is more than one owner of the business.

A death can cause significant disruption of the business, but with proper planning by each individual owner of the business, any complications can be identified and accounted for through documentation by the company and the individuals involved. Addressing the issues from both sides can help safeguard the business so that it may continue to thrive even after the death of an owner. This often requires the use of several different types of estate-planning documents in addition to a will.

What documents will meet an individual's goals and wishes depend on the circumstances. Considering the fact that the future of the business is at stake, it would be beneficial to discuss the matter with an estate planning attorney. There are often many ways that estate planning can be done, and all options should be explored before making any final decisions.

Source: CBS Boston, "Plan For The Inevitable: Business Owners Need to Know Estate Planning", Lisa Weinstein Burns, Sept. 20, 2016

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us