Hear a story about a small business that had a significant impact on their business because of the estate tax, also known as the “death tax”.
Business owners, land owners, and folks who have assets that are somewhat illiquid – and are approaching the level of assets which might have an estate tax issue, should schedule a meeting with a good estate attorney right away.
Lakeville Business owners should know that there are a number of great attorneys in the area that will be able to help you understand what will happen in the event of your passing.
The moral of the story is that great estate planning will give you an opportunity to mitigate the impact these draconian laws will have on your loved ones & your small business.
There are so many baby boomers that are starting to experience their parent’s passing, and realizing that they will have some conundrums in the end of their life. Once a Minnesota construction owner dies, you’ll see the full force of legal bureaucracy and price friction hit the business which can affect so many people.
Usually when we think of estate planning, we’re picturing the importance of helping the heirs to reduce probate costs, or to reduce taxes, but it’s so much more important when you have employees. This story truly illustrates the importance of good estate tax planning.
Look, I shared this video because we want to work with successful business owners that live in the south metro area of the Twin Cities. If you live in Apple Valley, Burnsville, Prior Lake, and Lakeville, we want to be your small business accountant.
If you own a business, or any other asset that doesn’t have a beneficiary, you should get a Trust and avoid the probate associated with a will.
Having a will does very little in terms of helping your wishes get carried out, but it’s especially terrible at quickly, efficiently, and cheaply transfering all assets that do not have a beneficiary on them. If you own land, businesses, second homes, etc, then I’d recommend you find a local attorney and get a trust drawn up for $500-$2000