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Estate planning tips for women business owners

The number of women who own their own business has dramatically increased in recent years. More and more women are graduating from business school, law school and other professional schools, landing them with the opportunity to own and manage their own business. Businesswomen in the Kent area should also make sure that their estate planning tools are up-to-date.

There are some estate planning tips for businesswomen. One is to make sure you have a team of professionals helping with your financial and business objectives. A team would consist of an estate planning attorney, accountant, financial advisor and an investment manager.

Second, think about what your estate planning goals are. Do you have heirs that you want to pass assets and a business down to? It is important to have estate protection when it comes to your business and business succession planning. Also, creating a power of attorney and health care directives in case of incapacitation.

Third, determine how your business will go on without you. Review documents regarding succession and whether the business will pass to family or majority stakeholders. Or are you interested in selling the business at a reduced cost to your heirs?

Fourth, consider your family's future. Make sure investments will be available for your heirs and trustees are selected who know what your wishes are for your trust.

Estate planning is critical for those who own their own business. Successful businesspeople have the opportunity to have their legacy endure for many years by creating an estate plan that includes their family and their wishes for the future.

Source: South Florida Business Journal, "4 important estate-planning tips for women," Lisa Schneider, Dec. 12, 2014

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