Why Every Business Owner Should Consider A Trust

Estate Planning For Business Owners - Advantages of a Trust

Okemos, United States - October 24, 2023 / The Law Offices of Casey D. Conklin, PLC /

Business owners are constantly engaged in work to meet expenses and earn profits, deal with daily operations, and expand their business. While focusing on these aspects, business owners may lose sight of the bigger picture; they may need to consider protecting their assets, minimizing taxes, and the legacy they want to leave for the future. Estate planning helps business owners in these aspects, and trusts are the best tool for this.

A trust is a legal entity that is created when one party (the grantor) grants another party the right to hold title to property or assets for the benefit of yet another party (beneficiaries). Trusts help business owners protect their beneficiaries and prevent potential creditors from getting control of assets held within the trust. Business owners seldom use trusts properly. This can mean they miss out on many tax, asset protection, and succession planning benefits that trusts provide when they are established and maintained properly. This is where an estate planning attorney can assist business owners.

The Law Offices of Casey D. Conklin, PLC, are estate planning lawyers in Okemos who can help business owners create a trust. With expertise in family business planning, they can help business owners choose the right trust strategy to protect their assets, manage income taxes, and protect their families from an enormous estate tax bill or unnecessary court processes in case they become incapacitated or die.

Protect Your Personal and Business Assets

A trust provides legal protection for a businesss assets from creditors or predators who want to take them. Under a trust, a trustee controls the assets and manages the trusts funds according to the terms specified in the trust document.

A trust limits the risks and liabilities associated with the assets under the trust. Even if a party sues your trust, they cannot collect on assets within the trust.

Opportunity to Save Tax

The income generated by a trust is often taxed at a lower rate than income earned directly by the business owner or shareholders. Income and capital gains generated by investing in a trust structure can be distributed without additional income tax obligations. Hence, a trust helps business owners minimize their overall tax burden while they make profits from investments. At The Law Offices of Casey D. Conklin, PLC, estate planning attorneys work with financial advisors and CPAs to provide clients with the best tax savings and planning strategy.

Succession Planning

Creating trust helps business owners in business succession planning. They must be created to align with the business legacy objectives. A succession plan must be documented clearly with the estate planning attorney, CPA, and financial advisor working together. It should also address the business owners goals after selling or transferring the business. When you have a trust structure, in case of your death or any incapacity, the financial matters of your business will be taken care of.

An estate plan and trust are created by attorneys for estate planning at The Law Offices of Casey D. Conklin, PLC, will have all necessary documents drawn up correctly, and legally established provisions will be in place ahead of time. These expert estate planning lawyers in Okemos assist in navigating the complexities of business succession planning.

Enjoy The Benefits of Establishing A Trust - Consult Estate Planning Attorneys at The Law Offices of Casey D. Conklin, PLC, in Okemos, MI

All business owners want to protect their hard-earned assets, save on taxes, and secure the future of their businesses. Experienced attorneys for estate planning at The Law Offices of Casey D. Conklin, PLC understand that this will give a business owner peace of mind. They understand the challenges business owners face and assist them in creating trust structures that are tailored to their individual needs. With services from these legal experts, a business owner can create a trust that provides a haven for business assets, reduces tax burden, and helps plan for the future of the business.

The Law Offices of Casey D. Conklin, PLC, is committed to ensuring the success and well-being of business owners who consult the estate planning attorney to create a trust and for business succession planning. Attorney Casey D. Conklin is a Certified Exit Planning Advisor with expertise in various areas, including Real Estate, Copyright, Contracts, Tax Issues, Business Organization, Wills and Trusts, and Compliance. Casey has received a Certificate of Completion in the probate and estate planning areas issued by the Institute of Continuing Legal Education and the Probate and Estate Planning Section of the State Bar of Michigan. He offers a complimentary LIFT (Legal, Financial, Insurance, and Tax) assessment to get to know you and your business. To get services from dedicated estate planning attorneys in Okemos, MI, contact The Law Offices of Casey D. Conklin, PLC at (517) 522-2550 to schedule a consultation.

Contact Information:

The Law Offices of Casey D. Conklin, PLC

4780 Okemos Rd Ste 2
Okemos, MI 48864
United States

Casey Conklin
(517) 522-2550
https://www.caseydconklin.com/