SMALL BUSINESS OWNERS: INTELLIGENT ADVANCE PLANNING IS A MUST
You will often hear retirement and estate planning attorneys emphasizing the fact that everything is connected. This is why holistic planning is recommended. What you would like to be able to do in the future is going to impact what you do in the present, so it is useful to look at things from an overview and act within an intelligently conceived long-term financial plan.
This can be intricate for people who are employed by a company, but those who own small businesses have another level of complexity to deal with when they are planning ahead. For one thing, you have to ask yourself how you will be stepping away from the business.
The future intentions that you harbor are going to naturally have some effect on what you do in the present. Will the business be remaining in the family after you retire or pass away, or will you be selling it?
How long do you intend to remain in your current position at the business? Will you in fact be retiring at all? Indeed, some people enjoy the time that they spend in their businesses and stay around for the entirety of their lives.
Answers to all these and other relevant questions will go a long way toward determining how you act along the way.
The best way to proceed with regard to long-term planning as a small business owner is to sit down and discuss everything with an expert. If you are interested in doing so, don't hesitate to pick up the phone to set up an informative consultation with a good San Bernardino retirement planning lawyer.