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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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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
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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.