ESTATE PLANNING & SMALL BUSINESS David M. Knasel, Esq. Dominion Business Law PLC Tysons Corner | Leesburg, VA

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 moneyat 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!