Stop Preparing to Die!

Forget about planning to die, it’s time for you to focus on a plan for your life!

Society has changed in so many ways. Many of us today want purpose and meaning. We are more easily connected to others across town, across the country and across the globe due to technology.

Today we can initiate meaningful change in new ways and make a big impact. Our own messages and activities can reach millions of people in a matter of seconds.

Estate planning in the past was all about death and taxes. Estate planning of right now is about your life choices and taking control of them. It’s about your legacy and your contributions. Current planning is about the values you want to instill in your children and the road map of success you want to pass along.

Entrepreneurs in particular have the unique ability to create and grow a lasting enterprise. Surprisingly, the majority of entrepreneurs don’t have proper planning in place. If life throws a curve-ball, people and businesses get hurt.

Here are the top 5 estate planning tools that every successful entrepreneur needs to have in place.

Having a will
A Will and Testament enables an individual or a small business owner to specify how his or her assets will be distributed, and to whom they will be transferred.

Power of Attorney
Another must-have estate planning tool for an entrepreneur is a Durable Power of Attorney, which names an individual to handle the business affairs in the event the owner becomes incapacitated.

Trust
A business owner should put in place a Revocable Living Trust. A trust can avoid probate, transfer assets to beneficiaries privately and provide a mechanism for a business to continue operating.

Buy-Sell Agreement
For businesses with a small number of owners, it is crucial to set up a Buy-Sell Agreement. This document establishes a mechanism for redistributing an owner’s interest in the event of death or disability. This agreement is also helpful if an owner declares bankruptcy or is going through a divorce.

Succession Plan
A comprehensive estate plan for an entrepreneur should include a formal, written Succession Plan that allows for the seamless transition of the business. It is critical to establish new owners and identify key individuals who can assume executive and managerial duties, including family members. A well designed succession plan will clarify how ownership will be transferred, establish rules for hiring, compensating and promoting family members, and specify how disputes will be resolved.