ESTATE PLANNING& SMALL BUSINESS

David M. Knasel, Esq.Dominion Business Law PLC

Tysons Corner | Leesburg, VAwww.dominionbusinesslaw.com

What is Estate Planning?

Estate Planning = planning for what will happen in the event of your disability or death and putting in place the necessary legal instruments to accomplish your objectives.

Disability Death

Key Questions Who will make financial decisions for me if I become incapacitated? Who will make health care decision for me if I become incapacitated? How do I wish to be treated if I am in a persistent vegetative state or

terminal condition? Who will receive my assets upon my death? Who will take care of my children upon my death? Will my children have unlimited and unsupervised access to inherited

money at eighteen (18) years of age? Will my heirs have to spend time and money dealing with the probate

process? How much of my estate will be paid to the government in estate taxes?

The Toolbox:Basic Components of an Estate Plan

Health Care Power of Attorney Advance Medical Directive (“Living Will”) General (Financial) Power of Attorney Will Trusts

Who needs an Estate Plan?

Parents with young children Parents with adult children Grandparents People buying life insurance High net worth individuals and families Business owners Everybody!

Special Issues for Small Business

Loss of key manager – disability or death Key asset that cannot readily be liquidated Surviving partners Desire to preserve business as going concern /

protect employees Family members with different involvement in

business

THANK YOU!