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Medway & Millis October 2020

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October 2020 Medway & Millis Local Town Pages www.localtownpages.com Page 13

Estate Planning for Business Owners

All business owners can benefit from some level of

estate planning. Building protection into your business

plan is one of the most important decisions you can

make to safeguard your partners, your employees and

your family. Here, we will discuss the four key components

of estate planning to make sure you are well set

up for success.

The most fundamental estate planning tool is a will.

A properly executed will gives clear direction to your

executor about how to manage or distribute your assets

when you pass away.

Then, a somewhat more complex component of

an estate plan is a revocable trust—this is a legal entity

created to hold your assets while you're alive. Among

the many benefits is that your appointed trustee can

take over management of your assets if you're incapacitated.

A revocable trust streamlines the transfer of

your assets by helping avoid potentially lengthy legal

proceedings and costly court fees. A trust may also provide

creditor protection for the beneficiaries.

Next are powers of attorney. Naming a healthcare

power of attorney means your representative can make

crucial medical decisions on your behalf should you be

unable to, while a financial power of attorney can pay

your bills and manage your finances until you get back

on your feet.

Finally, a buy-sell agreement is a powerful estate

planning tool. A buy-sell agreement is a way to help

ensure a smooth transition of your business and ensure

your family's financial goals are met after you're no longer

around to take care of them. A buy-sell can also

outline the terms of succession among the remaining

partners, so that all terms are agreed upon in advance.

Some basic estate planning may be done using selfguided

online tools, but typically you should use a licensed

and experienced attorney to help you draft and

execute your plan. The best way to go about it is to

make sure that your attorney, financial advisor, and insurance

agent are working together on managing and

planning your estate.

This educational third-party article is provided as a courtesy

by Michael Damon, Agent, New York Life Insurance Company.

To learn more about the information or topics discussed, please

contact Michael Damon at (508) 321-2101.

Neither New York Life Insurance Company nor its Agents or

affiliates provide tax or legal advice. Consult your legal or tax

advisor to find out whether the concepts in this essay apply to your

personal circumstances.

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Call Jen: 508-570-6544 or

email: jenschofield@localtownpages.com

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Damon Financial, LLC**

Michael T. Damon

Financial Adviser*

45 Milford Street, Suite 3

Medway, MA 02053

(508) 321-2101

Mike@DamonFinancial.com

DamonFinancial.com

Insure. Prepare. Retire.

We’ll help show

you the way

to financial

security. No

map necessary.

Contact me for a

complimentary

portfolio review.

DAMON

FINANCIAL, LLC

Proud to Offer

Registered Representative offering investments through NYLIFE Securities LLC (member FINRA/SIPC), A licensed Insurance

Agency and wholly owned subsidiary of New York Life Insurance and an agent licensed to sell insurance through New York

Life Insurance Company and may be licensed to sell insurance through various other independent unaffiliated companies.

*Financial Adviser offering investment advisory Services through Eagle Strategies LLC, a Registered Investment Adviser.

Eagle Strategies LLC is a New York Life Company

** Damon Financial, LLC is not owned or operated by New York Life Insurance Company/Eagle Strategies LLC/NYLIFE

Securities LLC, or its affiliates.

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