Solopreneurs

Solo and Owner Dependent Businesses Have Special Estate Planning Needs

12/9/2015

No matter what your financial situation, it is important to have an estate plan in place, and this is particularly true for business owners. Each type of business has a different management philosophy, and this is often a function of whether the business is a multi-generational family business, a marketable business, or an owner-dependent business.

Plan Early for Your Future

For owners of owner-dependent businesses, the earlier that you begin thinking and planning for the future, the more options that you will have available to you and the better protected you will be. Nobody can see into the future and death can come unexpectedly – making sure that your wishes are well thought out and documented can avoid headaches for your heirs and give you an increased sense of security. Depending upon your individual circumstances, planning and preparing an effective estate plan that accomplishes your goals can take as long as ten years.

It doesn't matter whether you run a small mom-and-pop type of retail business or operate a professional practice, there's a good chance that the business you own provides the majority of your family's income. That means that it is essential that you have an estate plan in place to protect them and indicate what you would like done when you die.

Some people have family businesses that they would like to see passed down to sons and daughters, while others want their business to be sold to an outsider for a figure that will provide economic stability for their heirs for many years. By putting an estate plan into place, you ensure that your wishes will be clearly understood, and by doing so long in advance of when the need actually arises you give your plan a much better chance of being successfully carried out.

Determine Your End Goal

In many cases, owner-dependent businesses stop operating when the person who started the business either dies or retires – these strong individuals are the principals that run the operations, and it is expected that when they are no longer involved, the business will stop operating. These types of businesses have a business goal of generating as much income as possible during the time that it is operating, with profits used for direct income and savings for retirement. Only minimal amounts of funds are reinvested back into business operations, and there is no need for a management team or a succession plan to ensure that the business continues to operate once the owner is no longer involved.

This is often the case with professionals such as dentists, doctors and attorneys who have established as sole practitioners. Restaurants, general contracting businesses, architects and others are in similar positions. These are generally businesses run by people who consciously chose to work independently, and in doing so they also were likely to have considered whether their plans for the future involve passing the business on to continue being run by family members.

If you are interested in having your business become multigenerational, it is important that you begin laying out the groundwork and putting a plan in place far ahead of time, speaking with family members and determining the level of interest and ability.

If, however, the business is going to remain under a single owner's control, that means that all business decisions regarding functions such as marketing, operations and professional services are generally your responsibility, and any staff that you have working under you are there to provide support rather than management. Your payroll, capital expenditures, and other functions that businesses can spend a lot of money on will be minimal, and that means that your business is likely to be highly profitable. This is the trade-off to the fact that the business will die when the owner is no longer there – the business makes up in profitability for what it loses in longevity.

Though some business owners believe that because an owner-dependent business has no future beyond the life of the principal, estate planning is not essential, but there are a number of reasons why it is absolutely critical for an owner-dependent business to plan ahead.

Minimize Your Risk of Liability

All businesses need to minimize the risk of their liability, and when the owner is in place, it is likely that has been done through a series of measures, including the purchase of appropriate insurance and contracts that were well thought out in terms of indemnification and liability. The owner may even have formed a corporation or limited liability company in order to ensure that there were no personal liability issues that could jeopardize their family's financial well being.

However, once the owner dies and their family is left to dispose of the business, it would be a mistake to assume that liability insurance can be discontinued. Businesses still face risk after the principal is gone, and steps should be taken to reduce liability for a period of time – probably until the statute of limitations has expired for all potential lawsuits. This can easily be accomplished with the help of a knowledgeable trust administration attorney or estate planning professional, and should not be left to chance.

Perhaps most important of all, the owner should take steps to make it clear what their wishes are for the disposition of their business upon either their retirement or their death. Though it may be true that once the principal is no longer involved in the business, its value drops, that needs to be documented in an estate plan – otherwise taxes on the business may be assessed based upon its value while the owner was alive rather than when its value has dropped after their death. This is a particularly important issue in situations where an owner dies suddenly and unexpectedly

Without having a plan in place that spells out a business plan and how the business' valuation is determined, a sudden heart attack can end up as devastating financially as it is personally to the owner's survivors. It is essential that business owners minimize the risk of a business that no longer has value being assessed at its previously thriving levels, and this is best addressed through a professionally crafted estate plan.

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Richard Watson III

Richard Watson III is a tax attorney based in Santa Ana, CA. Watson Tax Law Group, APC is a specialized tax law firm, representing high net worth individuals, families and businesses in virtually every industry, focusing on business and real estate transactions and Internal Revenue Service (IRS) and Franchise Tax Board (FTB) audit, collection, appeal, and tax controversy representation. Richard is an Enrolled Agent, a Certified Financial Planner, a Chartered Life Underwriter,a chartered Financial Consultant and has a Master of Law in taxation. His firm services all of Orange County and Los Angeles.

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TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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