Dear Business Owner,

You’ve spent years building a successful business, one that provides for your family, supports your employees, and represents your life’s work. But there’s a hidden danger lurking, one that could unravel everything you’ve built—mistakes in your estate planning. These mistakes might seem small, but they can have devastating consequences, turning your business’s future into a nightmare for your loved ones.

Picture this: You’ve overlooked a critical detail in your estate plan, or perhaps you assumed your will was enough to protect your business. Now, imagine you’re suddenly gone, and your family is left to pick up the pieces. Without a clear, well-thought-out plan, your business could be thrown into chaos. Key decisions might be delayed, legal battles could erupt, and the value of your business could plummet.

Your family, already grieving, could find themselves entangled in a web of legal complications. They might be forced to sell the business quickly, often at a loss, just to cover taxes and debts. Or worse, the business could fall into the hands of someone who doesn’t share your vision, leading to its decline and eventual failure. Everything you’ve worked so hard to build could be lost, leaving your loved ones with nothing but stress and regret.

The truth is, many business owners make critical mistakes in their estate planning—mistakes that could cost them everything.

One common mistake is failing to create a comprehensive succession plan. Without a clear plan for who will take over your business, your family could be left to make difficult decisions without your guidance, leading to confusion and conflict.

Another mistake is not properly addressing taxes. Without strategic planning, estate taxes could take a significant chunk of your business’s value, forcing your heirs to sell assets or take on debt just to cover the tax bill. This can drain your estate and leave your family with far less than you intended.

Failing to update your estate plan regularly is another common pitfall. Life changes—businesses grow, family dynamics shift, and laws evolve. If your estate plan doesn’t keep up with these changes, it could become outdated and ineffective, leaving your business vulnerable.

This is where Bascom Law comes in. We help business owners like you protect their businesses and their families through meticulous estate planning. We understand the unique challenges you face, and we’re here to help you avoid these common mistakes.

At Bascom Law, we work with you to create a customized estate plan that addresses your specific needs and concerns. We will help you establish a comprehensive succession plan. This ensures that your business will continue to operate smoothly in your absence, with the right person or team in place to take over. We also work to minimize the impact of taxes and legal fees, so more of your estate stays with your family and your business.

Next, we ensure your estate plan is up to date and legally binding. We create clear, detailed documents that outline your wishes and provide guidance for your heirs. This reduces the risk of family conflicts and ensures your business is managed according to your vision.

Finally, we keep your plan up to date. Life changes, and so should your estate plan. We work with you to regularly review and update your plan, ensuring it continues to meet your needs and protect your business as circumstances evolve.

You’ve worked too hard to let common estate planning mistakes jeopardize your business’s future. At Bascom Law, we’re here to help you create an estate plan that ensures your business continues to thrive, your family is taken care of, and your legacy is preserved—no matter what happens.

Call my office today at 770-285-5493 to schedule a consultation. Let’s sit down together and start planning for the future of your business. Your legacy deserves the best protection, and at Bascom Law, that’s exactly what we offer.

Sincerely,

Mike Bascom
Bascom Law, PC
Estate Planning & Elder Law