subject: Work For Your Business and Let Your Business Work For You [print this page] Work For Your Business and Let Your Business Work For You
Work For Your Business and Let Your Business Work For You
Your business is like a jealous bride! If you ignore yourbusiness, it may prove to be the undoing of all your hopes andplans and may be an overvalued, illiquid and cumbersomeasset that is more of a liability than an asset to your family at your death. Your business should be an advantage, and not a problem. Properly cultivated and cared for, your business may be the goose that lays the golden eggfurnishing not only alivelihood during your lifetime, but the opportunity to put your house in apple pie order at your death. In this article we will explore the ways in which you can reverse the usualpattern of working for your business, and let your businesswork for you.
Learn More About Life Estate Planning
In appraising the role of your business in your personal andfamily planning, you should look at your business from twovantage points.
First, what steps should you take to insure the liquidity of your business at your death? Most important, how will yourdeath affect the interests of your wife and children? Are you providing for continuity of management? How will your deathaffect your employees, your partners, or your fellow stockholders? Will the business be a meaningless assetan asset inname only, but for all practical purposes a liabilityor will itcontinue to provide your family with an income and youremployees with jobs?
Secondly, what steps should be taken to assure that yourestate will be liquidthrough your businessat your death?Are there things that can be done to tax deductible corporate dollars which can improve your personal position yet withouta substantial outlay of "after-tax dollars" on your part?
