Do you own a business? Then you may be wondering what the best plan is for your business once you have decided it is time to sell. If you are planning on selling your business you may be very focused on getting the maximum value for it, business asset transfer or disposition. There are some other things that you should consider as well when considering estate planning.

Taxes

What are the tax implications of your sale going to be. If the sale is significantly profitable you may end up getting a high income tax rate that cuts into the amount that you end up with in the end. If you are planning on using the sale of your business to find your retirement this could put a damper on your plans. Take some time to look at the tax implications of an outright sale and consult with an elder law attorney to see if there may be a better plan for your sale.

Consider a Trust

If you already have a trust you may be able to revise the terms of the trust to include the proceeds from the sale. If you do not have a trust, now might be the time to consider creating one. A trust is a great way to shield your assets from estate taxes. It can also be a great way to provide for your heirs after you are gone. There are several different types of trusts, so you will need to look into what one best fits into your estate plan.

If you are looking to sell your business and make it part of your estate plan, don’t do it on your own. For assistance contact the elder law experts at Stano Law group today.