It's especially important for small business owners to consider what will happen to their businesses when they're no longer around. With that in mind, estate planning for business owners in California is crucial and doesn't have to be overwhelming when knowing what steps to take. Essentially, the starting point is to fashion a basic estate plan from which other issues can be addressed, such as taxation and insurance.
Having estate planning documents that pertain to the business ensures that the wishes of the owner will be carried out as he or she intended. Thirty percent of all business owners don't have an estate plan in place that speaks to their businesses, despite working hard to see they're successful. Dying or becoming incapacitated is something no one really wants to think about, but business owners have to bite the bullet and do so if they want their businesses to thrive when they're no longer at the helm.