There may be numerous scenarios in life in which business owners might feel it is time to leave a company and enter a new chapter in life. However, some might not be certain of how best to handle this process and of the steps to take to address the changes it might bring to their lives. Business owners in Georgia who are preparing to exit a company might find it helpful to address the available estate planning options to help protect and preserve their wishes for the future.
Preparing for the future
One of the first topics to consider may pertain to addressing what will happen to the business once a person leaves. If one wishes to see the endeavor continue on, creating a thorough business succession plan may be imperative. If the preference is to close the business and sell off its assets, addressing topics such as vital tax factors and how to plan for the sudden influx of funds may also be integral.
Upon leaving the company, some may also experience a desire to gift assets to others or a wish to contribute funds to charitable causes. Addressing tax topics for gifting may play a vital role in helping mitigate risks while pursuing similar goals. In some cases, former owners may also wish to maintain a consulting position within the company, and addressing one’s options in this regard might help a person prepare to make informed choices about what is best for his or her future.
A thorough strategy
The estate planning process may have a variety of tools to help business owners prepare to make a smooth transition when exiting a company. While this might seem an intimidating endeavor, this isn’t something one has to go through alone, as there are attorneys who can help guide a person through every step of this process. An attorney can help a client in Georgia develop a thorough business exit strategy and assist in creating or updating his or her estate plan to better reflect new preferences and wishes.
