If you own a small or medium business in Indiana, then you probably have some concerns as to how it should factor into your estate plan. There would probably be two major categories of considerations you would have to make: the future leadership of your company and the allocation of its assets.
Because other people’s lives and livelihoods are likely involved with these decisions, they may not be as simple as the choices you make about your personal property. You may have to consider not only your own family’s wishes but also what is best for the future of the company as a whole.
Depending on the ownership structure of your business, you might not have much work to do — in terms of your estate plan, at least — when it comes to redistributing the assets of the company. As explained on FindLaw, in the event you are a sole proprietor, assets intertwined with the operations of your business could require personal attention. However, corporations could behave differently, as you may be distributing securities rather than real and personal property.
Transferring the leadership of your company may be as simple as bestowing all of its assets onto one of your heirs. In more formal structures, you may have to renegotiate partnership contracts or perform other tasks to craft a complete business succession plan.
Ensuring the future profitability of your business while considering the happiness of your family is no easy matter. Your plan should be based on the economic, legal and even the emotional realities of your unique situation. Even so, there could be some relatively simple and efficient solutions to your issues. In any case, please do not view this is legal advice. It is only meant to inform you about the general subject.