“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.