“Information Bits from the Boss: Samantha provides brief answers to clients frequently asked questions”

​                              What if I’m a business owner, is my business available if I would need long-term care? 
We are always tickled to help business owners plan as part of their estate planning.  One of the questions that I often get is whether a business is available to pay for long-term care costs? The short answer is that a business is available to your long-term care costs.  One of the things that we do here in our office is discuss protecting that business entity to make sure it is not subject to long-term care costs. The owner must ensure that the business governing documents are up to date and the provisions address long-term care concerns and long-term care costs. The document should address whether or not the business interest would be an available resource to pay for that care.  A second component we address is whether the business is income-producing. Does this business generate income that would be essential for either you or a spouse to survive?  We can also consider transferring your business interest to a trust would protect it against your long-term care costs.  We do think that it is important for all business owners to understand what their options are as it relates to long-term care costs.  We always encourage our clients to reach out to us.  We do offer free initial consultations.  If you are a business owner and would like to know if your business is subject to creditors or long-term care costs, please contact our office.