You’re running a successful small business here in Roseville, CA. Blood, sweat, caffeine, and probably a fair amount of sheer determination got you here. Now, imagine that all this goes poof because something happens to you. You didn’t get around to putting a solid plan in place, and now, your family or partners are left holding a business tangled up in court disputes, tax bills, or worse. It’s a nightmare no one likes to think about.
At Goff Legal, PC, we ensure this “what if” scenario stays hypothetical. We’re here to help you protect your business, your family, and the legacy you’ve worked hard to build. Here’s what you need to keep your business on track, no matter what curveballs life throws your way.
Get real about succession planning
Let’s be honest—no one loves to think about what happens to their business when they’re not around. But succession planning is how you make sure your business doesn’t become a victim of poor planning or family drama. It is about more than just naming a successor; it’s setting up who’s going to run things, what their responsibilities are, and how they’ll be ready for it.
The team at Goff Legal, PC, can help you get this roadmap right. Whether it’s naming the next leader, setting up training, or preparing for different scenarios, we make sure your business stays solid, even if you need to step out of the picture.
Don’t leave decision-making to fate—get a POA
As a business owner, you call the shots. But what happens if you’re suddenly unable to make those decisions? Without a Power of Attorney (POA), your family could end up in court just to handle basic business operations. A POA lets you appoint someone you trust to step in when you cannot—someone who knows how to keep the wheels turning.
And before you start imagining all the ways this could go wrong, know that a POA isn’t a blank check. We’ll help you customize it so it only kicks in when you want it to, such as during medical incapacitation, and that it only covers what you need it to cover.
Protect your business and your family with insurance
Life insurance is one of those things we hate thinking about but absolutely need. It provides liquidity that can help cover business expenses, keep operations running, and provide income for your family during transitional periods. Key person life insurance, specifically, ensures that if you or a vital employee passes away, your business can still operate without financial strain
This policy can also help fund buyouts or provide income for your family if they lose access to your business assets. At Goff Legal, PC, we can advise on the right life insurance policy that suits the size and specific needs of your business.
Avoid legal drama with a buy-sell agreement
If you’ve got business partners, a buy-sell agreement isn’t just a “nice to have.” It’s essential. A buy-sell agreement spells out exactly how one owner’s share of the business gets handled if someone passes away or becomes incapacitated. Without it, your business could turn into a legal wrestling match between surviving family members and other owners.
While Goff Legal, PC, doesn’t draft buy-sell agreements, we work closely with your business attorney to coordinate the creation of this critical document. Our role is to ensure that the buy-sell agreement aligns seamlessly with your estate plan and overall goals.
Consider ways to minimize estate taxes
Estate taxes, without planning, can take a huge bite out of what you thought you were leaving behind. A little strategy goes a long way to protect your legacy and wealth. Family limited partnerships, residence trusts, and irrevocable life insurance trusts are just some of the tools that help reduce your taxable estate and keep more of your wealth in the family.
At Goff Legal, PC, we know the tax code is less fun than, well, just about anything. But with the right plan, you don’t have to give Uncle Sam more than necessary. We guide you through the strategies that make the most sense for your business and family.
Take advantage of the gift tax exclusion
Giving gifts while you’re alive is one way to reduce the size of your estate and cut down on taxes later. You can transfer certain assets to your family each year tax-free under the gift tax exclusion. For a small business owner, that can mean passing on shares, helping the family build financial stability, and ultimately making your estate a bit more tax-efficient.
Gifting isn’t as straightforward as it sounds, though, especially if it involves business interests. At Goff Legal, PC, we ensure you’re using every advantage within the law, all while protecting the future of your business and reducing potential tax headaches for your family.
Secure your business’s future with Goff Legal, PC
Estate planning is about making sure all that hard work you’ve put into your business actually pays off for the people you care about. You’ve done the hard part—building something from the ground up. Now, let’s make sure it doesn’t go to waste. The team at Goff Legal, PC, is dedicated to helping you develop a comprehensive plan that provides peace of mind for you and your loved ones. So contact us, and let’s get that plan started.
