To protect both their businesses and their families, female entrepreneurs need to take these three important estate planning steps:
1. Create a succession plan. If you are a woman running her own business and have business partners, you should have a buy-sell agreement executed to ensure the business passes in an orderly fashion. Business partners should also discuss having life insurance policies on each other in order to fund the purchase of ownership shares back from your estate, so business assets are not depleted for this purpose.
2. Build a team. Female business owners should build a team of financial advisors, including a CPA and estate planning attorney, to help with making major financial decisions. Putting this off until the last minute can jeopardize your ability to make good decisions.
3. Safeguard family assets. Asset protection is crucial for female entrepreneurs, enabling you to protect personal assets from potential business liabilities.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.