Mom Entrepreneur: Estate Planning-3 Questions

Every Mom Entrepreneur must ask themselves empowering questions. What will make me a happy and successful woman? Are my kids getting what they need? How can I work smarter and not harder? Solving problems with grace and ease is in your DNA.

 

Today, we take it deeper by making sure your business, clients and financial assets are protected. This post is courtesy of an amazing Mom Entrepreneur in my community, Patricia De Fonte, Estate Planning Attorney.

 

Considering all that you’ve accomplished and still want to accomplish, you owe it to yourself and your loved ones to ask yourself these 3 questions. Take a deep breath. Grab something to write with. Take action.

Question 1: Who will run my business if something happens to me?

If you are temporarily incapacitated, a durable power of attorney can allow a trusted person to manage specific aspects of your business. This designated agent can keep the lights on, vendors paid, and accounts receivable actually received.

Question 2: Who will inherit my business, or wind it down efficiently, when I die?

Without an estate plan or a buy-sell, value in your business may be lost and your employees may suddenly be left out in the cold. Where there’s a plan, there’s a better way. Options include directing the sale of the company through a broker, leaving the business in equal shares to key employees, or creating entities that allow the next generation to step into leadership and ownership.

Question 3: Are my personal assets, such as my family home, protected from potential business liability?

Forming the correct entity and meticulously following all of the associated formalities can shield your personal assets from potential business liability. Pre-and post-nuptial agreements can also be used to shield large assets, like the family home, from liabilities associated with a high-risk business or profession. Work with an estate planning attorney who understands your goals and concerns as a woman, a daughter, a friend, and a mom + entrepreneur.

Your personalized estate plan will provide rules and guidance for your agents and successors if you become incapacitated and when you die. A personalized plan can ensure that the people who count on you are taken care of.

 

There’s more.

A good estate planning attorney will help you build a team to protect your assets from risk. She or he can connect you to a trusted insurance agent who will work with you to mitigate risk, provide adequate liquidity, and be there for you or your successors if things go wrong. A good estate planning attorney can help you find a financial advisor who can guide you in making smart investment decisions that help you plan for retirement in a way that accounts for tax implications. This person can also advise on purchasing insurance for employees.

 

It’s all connected.

A personalized estate plan, appropriate insurance coverage, financial advisement — with all these things in place you can be confident that the people who count on you are taken care of. Mom Entrepreneurs have to take this seriously and take action today to ensure they have their tails covered.

 

Have a question or a comment? Leave it in the comments below. 

 

Patricia De Fonte Estate Planning Attorney and Mom Entrepreneur This post is courtesy of an amazing entrepreneur in my community: Patricia De Fonte.

She also is an attorney and Mom Entrepreneur who has dedicated her career to helping people create estate plans that protect themselves, their families, and their assets —including their businesses.

You can learn more about her at: https://defontelaw.com/

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