Alright, business owners, let’s talk about what assets are at risk when you don’t have an estate plan. You ready? Okay. Let’s talk about the assets that are personal to you, right? You’ve got your checking and savings account. You’ve got real estate, you’ve got investment accounts, you’ve got retirement accounts, you’ve got intellectual property.
Your trade name, your logos, all those things. That’s intellectual property. You have written anything that’s intellectual property, and so you’ve got to think about these things. If you’ve invented anything that’s intellectual, then you’ve got cryptocurrency, which is a whole other kind of worms as to how you’re holding your cryptocurrency and who’s got your keys and access and all of that.
You have personal vehicles that you’re dealing with, and obviously you’re going to have like your furnishings and your personal effects. Those are the things that are your individual assets. They’re all going to be impacted by your death and will go through the probate process if you don’t take care of doing what’s necessary to keep them out of court in conflict. So, let’s talk about those business assets that are going to be impacted by your death. Same thing, checking and savings accounts. If you’re a professional and might have some trust accounts that are also impacted by your death, you’re going to have real estate investments that are impacted, also assets and liabilities tied to those real estate investments.
If you’re a business owner, you might have investment accounts that your business owns, retirement accounts that your business owns, such as set plans and profit share plans, those kinds of things. Intellectual property that your business owns. Your business is logo, things that you created just for your business, like pamphlets and flyers and all those things.
That’s intellectual property. Your business might own some of the vehicles, right? If you’ve got a business in construction. Your business might own the trucks, or other kind of equipment that it uses, to do what the business needs to do. So, cranes, forklifts, diggers, any of those things. You’ve got other for like furnishings, office furnishings that are going to be impacted by your death and you’re going to have equipment.
Equipment that might be subject to leases or to, contracts for purchase, right? Those are all titled in the business, but it doesn’t mean that they’re not going to be impacted by your debt. Why? Because if you are the sole or co-owner of the business and you pass away, the actions that require you to make decisions for your business are now frozen.
So, what should you do? Well, you should have an estate plan in place that actually puts in people so that they can successfully transition and do activities for your business, whether you’ve become disabled or passed away so that it doesn’t come to a screeching halt. If you want to call and talk to us about this, it’s (813) 480- 2106 or click the button below to schedule a call.
Don’t continue to put those assets at risk. Take care of it today.