Mistakes in estate planning can be disastrous for small business owners and their families.
At Borakove Osman LLC, our attorneys have the insight and determination to see that our clients avoid the pitfalls. We have extensive experience assisting clients throughout Wisconsin with both personal estate planning and planning for business success. Aware that both types of planning are complex, we take pride in offering individualized client service supported by strong skills. For the farming community of our state, our special interest and background in farm continuation planning serves us well.
Mistake #1: Not Completing Your Estate Plan
One of the most significant mistakes small business owners make is not having a complete estate plan in place. It’s easy to get caught up in the day-to-day operations of your business, but failing to prepare for the future can lead to unnecessary complications for your loved ones and potentially jeopardize your business’s success or even survival.
A comprehensive estate plan not only outlines your wishes for your personal and business assets but also ensures that your legacy continues as you intend. At Borakove Osman LLC, we emphasize the importance of a complete estate plan that addresses all aspects of your personal and business life, ensuring a seamless transition when the time comes.
Mistake #2: Thinking Estate Planning Is a Do-It-Yourself Project
With so many online resources available, it’s tempting to think that estate planning is something you can do on your own. However, estate and business planning are more intricate than you may realize. Don’t take chances with your future and the future of those you love. After all, if your DIY documents don’t hold up under legal scrutiny, they have no value. Suppose, in your attempt to cut corners, you have overlooked important tax implications, state-specific laws or intricacies of business succession? Working with a knowledgeable estate planning attorney is crucial to protecting your interests and your legacy.
Mistake #3: Not Fully Developing a Business Succession or Farm Continuation Plan
For small business and farm owners, an essential component of estate planning is developing a business success or farm continuation plan. This goes beyond merely deciding who will take over the business. It involves detailed planning for operational transitions, management roles, and financial strategies to keep the business viable for future generations. Without a well-thought-out plan, businesses and farms are at risk of failing post-transition. Our team is adept at creating robust business success and farm continuation plans that address all potential challenges.
Mistake #4: Not Protecting Your Assets Sufficiently
Another common oversight is failing to adequately protect your personal and business assets. Asset protection is a critical component of estate planning, safeguarding your wealth from potential creditors, lawsuits, and other unforeseen threats. This includes the use of trusts, business entity formation, and other legal strategies to shield your assets. Our attorneys are well able to identify the best asset protection strategies for your specific situation.
Mistake #5: Not Planning for Disability
Finally, many small business owners neglect to plan for potential disability although disability planning is vital to ensuring that your business can continue operating smoothly in your absence due to incapacity. This planning includes giving someone the legal authority to make decisions on your behalf and establishing a clear plan for business operations while you are disabled.
At Borakove Osman LLC, we will help you prepare for possible incapacity, drafting and executing appropriate documents to ensure that your business and personal affairs remain in order, no matter what the future holds.
Protect Your Business and Your Family — Contact Borakove Osman LLC Now!
In today’s rapidly evolving world, safeguarding your business and family is more crucial than ever. At Borakove Osman LLC, we’re dedicated to providing you with top-tier legal solutions tailored to meet your unique needs. Don’t leave the well-being of your business and loved ones to chance. Take the first step towards securing their future by reaching out to us today. Contact Borakove Osman LLC now and let us help you protect what matters most.
Borakove Osman, LLC is your trusted partner for estate planning in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.