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2021 Trust and Estate Planning for Business Owners

Janathan Allen and Allen Barron Provide 2021 trust and estate planning for business owners. You don’t have to own real property or have substantial wealth in order to truly benefit from a well crafted trust. If you own a small business and have a few bank accounts or even retirement assets or pensions a trust is an essential tool to protect all that you’ve built and the wealth you are working to attract in the future.

Life brings curve balls, and in some cases the outcome is unfortunately fatal. We all must have a plan to provide for our spouses, children and loved ones.

How about simple life insurance? Do you have young children, or concerns about how they might handle money? Many parents are concerned about their minor children coming of age at 18, inheriting a large sum of money and immediately blowing it on a tricked out car, parties with friends and trips to the Mexican Caribbean. A trust is a perfect vehicle to protect these assets for your child(ren) and to disburse funds over time as you direct.

If you own a house, you want to preserve ownership and pass it to your spouse or beneficiaries with the minimum tax impact.  2021 trust and estate planning for business owners avoids substantial probate costs, will contests and other costs and legal issues associated with passing assets, business interests, and wealth to our beneficiaries.

Perhaps one of the most important reasons of all is privacy. Without a trust, theoretically anyone can walk into probate court and look at every detail of your personal estate. The amount of personal information disclosed regarding your heirs and beneficiaries is comprehensive, and there are organizations that collect this information from public probate records and offer information about who your relatives, children and friends are, their address and phone numbers, and even social security numbers to anyone willing to subscribe to their services.

Trusts protect your private information from the prying eyes of neighbors and the curious, creditors, and those who would prey on beneficiaries who come into sums of money.

Contact the experienced trust and estate planning attorneys at Allen Barron to review any existing trusts you may have, and to prepare and implement 2021 trust and estate planning for business owners to protect your present and future assets and ensure that your chosen beneficiaries receive the benefit of all your hard work. We invite you to contact us or call today for a free consultation at 866-631-3470 for a complimentary and substantial consultation.