In the post-pandemic future, we plan on an eventual return to the “new” normal. This new normal will change the ways lawyers interact with clients, probate wills, execute documents, and administer estates and trusts. It will also change the game regarding planning your estate and protecting your assets as a business owner.
As the pandemic begins to fizzle out and return-to-work guidelines are put into place, you must consider how you can protect your business assets from post-pandemic liability. As is best practice, follow OSHA’s requirements for small business owners to the letter and implement ways of tracking COVID-19 outbreaks among your employees.
For business owners, planning your estate is a critical asset protection maneuver. Estate planning entails much more than wills and trusts; effective estate plans provide essential provisions that allow trusted associates to manage your business in the event of incapacitation or death. Put simply, a proper estate plan is the key to protecting a business across generations.
In a post-pandemic world, your estate plan should include:
Jacob Dayan is a true Chicagoan, born and raised in the Windy City. After starting his career as a financial analyst in New York City, Jacob returned to Chicago and co-founded FinancePal in 2015. He graduated Magna Cum Laude from Mitchell Hamline School of Law, and is a licensed attorney in Illinois.
Jacob has crafted articles covering a variety of tax and finance topics, including resolution strategy, financial planning, and more. He has been featured in an array of publications, including Accounting Web, Yahoo, and Business2Community.
Nick Charveron is a licensed tax practitioner, Co-Founder & Partner of Community Tax, LLC. His Enrolled Agent designation is the highest tax credential offered by the U.S Department of Treasury, providing unrestricted practice rights before the IRS.
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Jason Gabbard is a lawyer and the founder of JUSTLAW.
Andrew is an experienced CPA and has extensive executive leadership experience.
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