Your business is the product of your hard work. Evidently, you’d want to preserve your wealth for your future generation to build on. The best way you can do this is through a living trust. If you own a corporation, I encourage you to consider these essentials.
Your Corporation and the Probate Court
Just like your property, your corporate shares can also go through the probate court. Once you transfer your shares in your corporation into your trust name, your business can continue to operate smoothly even if something unexpected were to happen to you, as the owner. Through a trust, your assets will go directly to your beneficiaries instead of ending up in probate court. Without a trust, your corporate shares can go through the court process known as probate.
Your Corporation’s Privacy Will Be Protected
Another perk of skipping the probate court, other than saving thousands of dollars, is that your business affairs will not become a public record. Your trust will ensure your privacy since trusts are handled confidentially between an attorney and a client.
Your Assets Are Valuable
If you have valuable shares in a corporation and you wish to pass along your valuable assets to your loved ones, then you should consult with us regarding the appropriateness of transferring them into a trust.
Of course, as with all things, some corporate shares cannot be owned by a trust and likewise a trust needs to be drafted correctly to be able to handle ownership of the corporate interests.
If you’re a business owner and have not yet assigned your shares in your corporation to your trust, now is the time to begin this process. Start by consulting with my office to know what’s best for your business.
We offer a free 15 minute consultation, feel free to reach out if you have any questions.
