{"id":17540,"date":"2024-08-07T01:15:06","date_gmt":"2024-08-07T01:15:06","guid":{"rendered":"https:\/\/heyerinc.com\/2024\/08\/07\/estate-planning-a-starting-place-for-southeastern-fl-business-owners\/"},"modified":"2024-08-07T01:15:06","modified_gmt":"2024-08-07T01:15:06","slug":"estate-planning-a-starting-place-for-southeastern-fl-business-owners","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2024\/08\/07\/estate-planning-a-starting-place-for-southeastern-fl-business-owners\/","title":{"rendered":"Estate Planning: A Starting Place For Southeastern FL Business Owners\u00a0"},"content":{"rendered":"<div class=\"pme-content\">\n<p><span style=\"background-color:transparent;color:#000000;\"><\/span><span style=\"background-color:#ffffff;color:#000000;\">Let\u2019s leave aside culture wars controversies about the opening ceremony \u2013 the Olympics still bring the magic. And in the dog days of summer, with so much chaos brewing in so many political and cultural corners \u2026 well, it is, in fact, a nice way to leave aside the culture war.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;\">Case in point:&nbsp;<\/span><a href=\"https:\/\/www.cbsnews.com\/news\/simone-biles-dominates-olympic-qualifying-round-despite-injury\/\"><span style=\"background-color:transparent;color:#1155cc;\"><u>Simone Biles<\/u><\/span><\/a><span style=\"background-color:transparent;color:#000000;\"> with a calf injury still pulled out an impressive floor routine and vault performance ending the night with a cushy point margin, in front of&nbsp;<\/span><a href=\"https:\/\/www.bbc.com\/news\/articles\/cgxq5l9l94zo\"><span style=\"background-color:transparent;color:#1155cc;\"><u>celebrities<\/u><\/span><\/a><span style=\"background-color:transparent;color:#000000;\"> and the watching world.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">In the last Olympics in Tokyo, Biles chose to pull out of the competition because of a perhaps-similar injury. It seems she\u2019s learned a thing or two since then \u2013 or, at least, she came prepared in a new way.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">Adversity has a way of forming us, if we let it. And that is a massive, cavernous \u201cif.\u201d<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">Too many of us get knocked down and learn nothing from the experience.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">But Ms. Biles has made it this far because she had a plan. She built her gymnastics career intentionally. And she has learned from adversity the importance of preparation.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">Now, in an extremely awkward segue, I will say,&nbsp;<i>as your unofficial&nbsp;<\/i><i>Southeastern FL<\/i> <i>coach in all things business<\/i>: I want to help you make the most of your tax and financial opportunities TODAY, but (even more) I\u2019m thinking about your TOMORROW.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">A few questions to get you thinking in this direction:<\/span><\/p>\n<ul>\n<li><span style=\"background-color:transparent;color:#000000;\">Is there an emergency plan in place if something happens to you?&nbsp;<\/span><\/li>\n<li><span style=\"background-color:transparent;color:#000000;\">What are your retirement plans?<\/span><\/li>\n<li><span style=\"background-color:transparent;color:#000000;\">Are all of your business eggs in one basket?<\/span><\/li>\n<li><span style=\"background-color:transparent;color:#000000;\">What happens next?&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"background-color:#ffffff;color:#000000;\">All of these are very important components of a business that&#8217;s more than just a side hustle. Because we&#8217;re all in this for more than just mere work. We want to build a LIFE.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;\">So let\u2019s go a little deeper\u2026<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\"><\/span><span class=\"text-huge\" style=\"background-color:transparent;color:#000000;font-family:Arial, Helvetica, sans-serif;\"><strong>Estate Planning: A Starting Place For Southeastern FL Business Owners<\/strong><\/span><span style=\"background-color:transparent;color:#000000;\"><\/span><br \/><span class=\"text-small\" style=\"background-color:transparent;color:#000000;\"><i>\u201cMy own view is that every company requires a long-term view. For a business owner, that long-term view should include a solid estate plan.\u201d \u2013 Jeff Bezos<\/i><\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">When business owners with substantial assets pass away (those with over 100K, like you) their estates are settled in one of three primary ways:<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\"><strong>No Will<\/strong>: Without a will, the state&#8217;s legal code determines how the assets are divided, typically through a legal process called probate.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\"><strong>With a Will<\/strong>: Having a will still requires the estate to go through probate, but the distribution follows the directives laid out in the will.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\"><strong>Living Trust<\/strong>: With a valid living trust where assets have been properly transferred, the estate is managed privately according to the trust&#8217;s terms, bypassing the probate court.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">For business owners, understanding these options is crucial because it affects not only your legacy but also the ease with which your loved ones can manage after your departure. This is something you obviously care about, and have the power to make significantly easier \u2014 through estate planning.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">Neglecting estate planning means relinquishing all control over these decisions. (Definitely NOT what you want.)<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">In those cases, the probate court, possibly prodded by family members or creditors, dictates how your estate is resolved. The probate process is notoriously lengthy\u2014often taking over a year\u2014and can be quite expensive and public. This exposure can lead to family conflicts and unwanted public scrutiny.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">Creating a will allows the court to follow your specified instructions for asset distribution, though it doesn&#8217;t permit you to control the timing or conditions of the inheritance.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">Alternatively,&nbsp;<strong>a living trust provides much more control<\/strong>. By engaging with an estate planning expert, you can dictate not only who inherits your assets but also when and how they do so, all outside of court involvement.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">And, a living trust keeps the estate settlement private and typically speeds up the process.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">So&nbsp;<i>why would someone choose a will over a living trust?<\/i>&nbsp;<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">Honestly, the decision usually comes down to a lack of understanding or concerns about the costs involved in setting up a living trust. But the benefits of a living trust generally outweigh those of a will, making it a better choice overall for those ready for it.&nbsp;<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">For those not ready to dive into a living trust, starting with a will that includes an advance healthcare directive and a durable power of attorney is a great place to start. These documents ensure that designated individuals can make healthcare and financial decisions on your behalf if you become incapacitated.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">Estate planning for business owners these days should also include digital asset management and strategies for handling global investments, so be thorough as you go through this process.<\/span><\/p>\n<p><span style=\"background-color:#ffffff;color:#000000;font-family:Georgia, serif;\">While it&#8217;s important for every adult, business owners in particular need to have comprehensive estate planning to protect both personal AND business assets.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">If you need help starting or updating your estate plan, I\u2019m happy to help you incorporate the business assets that need protecting, and connect you with an experienced Miami Metropolitan pro to help with the rest.<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\">Here for you,<\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\"><strong>Ralf Heyer<\/strong><\/span><\/p>\n<p><span style=\"background-color:transparent;color:#000000;\"><\/span><\/p>\n<\/div>\n<style>.pme-content {\n\tfont-size: 1.2em\n}<\/p>\n<p>.text-tiny {\n\tfont-size: .7em\n}<\/p>\n<p>.text-small {\n\tfont-size: .85em\n}<\/p>\n<p>.text-big {\n\tfont-size: 1.4em\n}<\/p>\n<p>.text-huge {\n\tfont-size: 1.8em\n}<\/p>\n<p>.marker-yellow {\n\tbackground-color: #fdfd77\n}<\/p>\n<p>.marker-green {\n\tbackground-color: #63f963\n}<\/p>\n<p>.marker-pink {\n\tbackground-color: #fc7999\n}<\/p>\n<p>.marker-blue {\n\tbackground-color: #72cdfd\n}<\/p>\n<p>.pen-red {\n\tcolor: #e91313\n}<\/p>\n<p>.pen-green,\n.pen-red {\n\tbackground-color: transparent\n}<\/p>\n<p>.pen-green {\n\tcolor: #180\n}<\/p>\n<p>.pme-content blockquote {\n\toverflow: hidden;\n\tpadding-right: 1.5em;\n\tpadding-left: 1.5em;\n\tmargin-left: 0;\n\tfont-style: italic;\n\tborder-left: 5px solid #ccc\n}<\/p>\n<p>.pme-content .image img {\n\tdisplay: block;\n\tmargin: 0 auto;\n\tmax-width: 100%\n}<\/p>\n<p>figure.image {\n    text-align: center;\n}<\/p>\n<p>.pme-content figcaption {\n\tcolor: #333;\n\tbackground-color: #f7f7f7;\n\tpadding: .6em;\n\tfont-size: .75em;\n\toutline-offset: -1px\n}<\/p>\n<p>.pme-content .image-style-align-left {\n\tfloat: left\n}\n.pme-content .image-style-align-right {\n\tfloat: right\n}\n.pme-content .image-style-align-center,\n.pme-content .image-style-align-left,\n.pme-content .image-style-align-right,\n.pme-content .image-style-side {\n\tmax-width: 50%\n}<\/p>\n<p>.pme-content .image {\n\tposition: relative;\n\toverflow: hidden;\n\tclear: both;\n\ttext-align: center\n}<\/style>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s leave aside culture wars controversies about the opening ceremony \u2013 the Olympics still bring the magic. And in the dog days of summer, with so much chaos brewing in so many political and cultural corners \u2026 well, it is, in fact, a nice way to leave aside the culture war. Case in point:&nbsp;Simone Biles with a calf injury still pulled out an impressive floor routine and vault performance ending&#8230; <a class=\"more-link\" href=\"https:\/\/www.heyerinc.com\/blog\/2024\/08\/07\/estate-planning-a-starting-place-for-southeastern-fl-business-owners\/\">Read More<a><\/p>\n","protected":false},"author":2,"featured_media":17539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-17540","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/17540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/comments?post=17540"}],"version-history":[{"count":0,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/17540\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/media?parent=17540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/categories?post=17540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/tags?post=17540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}