Estate Planning FAQs
While no one likes thinking about it, planning for who gets ownership of your estate when you pass away is crucial. Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. Also, for business owners, providing for business continuity and succession of ownership is essential. If you need guidance throughout this process, call Wilson Toellner CPA. We provide estate planning assistance in mid-Missouri. Keep reading for the answers to a few frequently asked question on estate planning.
A: Legally, no. However, it is strongly recommended. A will is a document that expresses your final wishes in regard to your precious assets and belongings. Your will speaks for you when you can't. Having a will in place can make the transfer of your assets when you pass away so much easier on your loved ones.
Q: How can my business taxes affect the beneficiaries I leave my business behind to?
A: Many people may not realize but the estate taxes on a business can break it when the business is passed to someone when the former business owner dies. As a business owner, you have options when trying to figure out how to proactively set up your business estate plan. Setting your shares in a trust could be a viable option for you.
Q: What is a succession plan?
A: A succession plan can make the transfer of your business much easier. It states who your business will go to when you pass away. You can specify how it needs to be ran and what message you intend to live on through your business. Leave detailed instructions for those you leave your business too. The more details the better.
Q: What is a power of attorney?
A: Your power of attorney is the person who is legally allowed to act on your behalf in financial matters. This person is typically named in your will.
Q: What is a trust?
A: You can leave your business shares behind in a trust. Your trustees may then act on behalf of the company. Trustees can use the trust and its assets to cover business debts.
Estate Planning FAQs
Q: Do I absolutely have to have a will?A: Legally, no. However, it is strongly recommended. A will is a document that expresses your final wishes in regard to your precious assets and belongings. Your will speaks for you when you can't. Having a will in place can make the transfer of your assets when you pass away so much easier on your loved ones.
Q: How can my business taxes affect the beneficiaries I leave my business behind to?
A: Many people may not realize but the estate taxes on a business can break it when the business is passed to someone when the former business owner dies. As a business owner, you have options when trying to figure out how to proactively set up your business estate plan. Setting your shares in a trust could be a viable option for you.
Q: What is a succession plan?
A: A succession plan can make the transfer of your business much easier. It states who your business will go to when you pass away. You can specify how it needs to be ran and what message you intend to live on through your business. Leave detailed instructions for those you leave your business too. The more details the better.
Q: What is a power of attorney?
A: Your power of attorney is the person who is legally allowed to act on your behalf in financial matters. This person is typically named in your will.
Q: What is a trust?
A: You can leave your business shares behind in a trust. Your trustees may then act on behalf of the company. Trustees can use the trust and its assets to cover business debts.
Have More Estate Planning Questions?
We understand how difficult the world of estate planning can be for business owners, mothers, fathers, wives, husbands - anyone, really. This is a subject that people can like to avoid, but you don't want to wait until it's too late to have your estate plan set. For the sake of your loved ones, get your plan in order so they don't have to mess with your assets going through probate court. For assistance with this vital task, give one of our Central Missouri accounting firms a call, our phone numbers are listed below.
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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