How To Start Estate Planning For Small-Business Owners

People often think of estate planning as something that is for CEOs and lottery winners, but the truth is that estate planning also benefits small-business owners as well. In the event that you should unexpectedly pass away without proper business succession planning, your entire estate becomes subject to Washington's succession laws, which might not be what you have in mind for transitioning your life's work.

The experienced attorneys at Gellner Law Group can help you plan for your estate. Our team has over 35 years of experience in estate planning, and we know what factors to consider during the planning process.

Call our Kent law office at 425-336-2908.

Put The Future Of Your Business In Secure Hands

You might be planning to leave your business to one or more heirs, or even a child who is working in the business already, but doing so can be more complicated than you think. In Washington, there is not an inheritance tax, but there is an estate tax. What this means for your beneficiaries is that while they will not have taxes by being a beneficiary, there will likely be taxes on the estate.

There are sometimes options that you can take to reduce the amount of taxes that the state will apply to the whole beneficiary process. We can help you consider what options are available to you and help you execute them as well.

Plan For The Future While Staying Current

While laying the initial foundation for your estate plan is a major benefit to your friends and family, you cannot stop there. Both state and federal tax and inheritance laws are always changing. If you turn a blind eye to these changes, it may disrupt your initial plan. If you already have a plan in place, or if you are just starting to plan, get a lawyer that can help you keep your wishes current as time goes on. If you are in the Seattle-Tacoma area and are ready to prepare for the future, contact us by email or call us at 425-336-2908.