3 ESTATE PLANNING CONCERNS FOR SELF-EMPLOYED INDIVIDUALS
Being self-employed is no easy task. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together with an experienced estate attorney, we can craft a comprehensive legacy plan that will help you meet your financial goals. You should keep these three things in mind when drafting an estate plan.
Protecting your financial future
Protecting your business endeavors
Limiting liability
Protecting Your Family's Financial Future
Being your own boss means providing your own employment business. You have to fund your own retirement accounts, buy your own health insurance, etc. It's best to have an experienced advisor team help you plan your financial future. At DuPont & Blumenstiel we are committed to educating you about available retirement plan options and investment strategies. In fact, our lead estate planning attorney Greg DuPont is also a Certified Financial Planner! He can discuss the different types of insurance you may need to protect yourself, such as life, disability, and business insurance. It's also important to know how much insurance you need. This will vary depending on your income and how much your family relies on that income.
Protecting Your Business
As a self-employed person, your business is likely a big part of your livelihood. It's important that this livelihood is protected so you can support your family no matter the circumstances. Our estate planning attorneys can help address the things that keep you up at night, such as:
What will happen to the business if you become incapacitated? Can the business continue without you, or does all work halt?
What will happen if or when you decide to retire? Will you need a different source of income, or will you have some aspect of your business that you can sell?
What will happen to the business and your loved ones when you die? What will be left to support your loved ones?
Limiting Liability (Separating Yourself and Your Business)
Everything in life comes with a certain amount of risk. Self-employed is no different. A self-employed individual may be personally susceptible to their business’s creditors or other lawsuits involving the business. Of course, they may also be vulnerable to personal creditor claims, divorces, and lawsuits. Although we cannot eliminate all these risks, we can take steps to lessen them.
With respect to the business, it is important for you to work with an experienced tax attorney. They can help ensure that your business is organized in a way that limits liability and unnecessary risk. You can also personally take steps toward protecting yourself and your business by adequately insuring both. If you're concerned about protecting what you leave behind for your loved ones, that are special trusts that can be used to help ensure your loved ones enjoy their inheritance while minimizing the likelihood that it will be taken away.
Consult Our Experienced Estate Attorneys in Dublin, OH
We understand that you have a lot on your plate. Let us take part of the burden off of your shoulders by crafting a plan that is unique to you. Give us a call at 614-389-9711 to schedule your first meeting. We'll get you, your business, and your family, on the path toward a protected future.