With the growth in the nation’s economy, the number of women owned businesses in the United States continues to climb. According to a report published by americanexpress.com, there are more than 9 million businesses owned by women, which accounts for 30 percent of all enterprises across the country.
Women business owners must plan for the future of their families just as much as they should the future of their businesses. As such, their estate plans should reflect such protections. This post will highlight a few things that should be in a potential plan.
Plan to be taken care of – On average, women live longer than men, so it may be possible that you may outlive your spouse. With that, it is prudent to plan for incapacity through a living will or long-term care insurance.
Plan for people you care for – If you are taking care of children or raising your grandchildren, it is also a good idea to name a guardian (or secondary guardian) that can help raise minor children in the event you cannot.
Account for charitable causes – If you want to ensure that some of your assets are distributed to your favorite charity, an estate plan will be necessary. Otherwise, state law will determine how your assets are distributed, and your favorite charity does not qualify to be an heir.
Protect your business – Your debts don’t necessarily disappear upon your death, and creditors may come after your business to obtain payment. To ensure that your business is passed on according to your wishes, specific provisions should be included in your plan.
If you have additional questions estate planning, an experienced attorney can help.