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Three Important Concerns Self-Employed Individuals Should Address

Posted by ANGELA RICH HARTMANN | Nov 12, 2024 | 0 Comments

Being self-employed is no easy task. You are the owner and, in some cases, the only employee. While you may have more freedom than the average worker, many responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan to help you address your three important concerns.

Protecting Your Financial Future

You are your boss, and you have your own business. That means you are responsible for obtaining the important things we associate with employment, such as retirement accounts and insurance. To properly plan for your financial future and the future of your business and loved ones, having a comprehensive plan and an experienced advisor team is vital. The right advisor team can educate you about the available retirement plans and the best investment strategies based on your unique situation. You can also discuss the different types of insurance you may need to protect the critical aspects of your life, such as disability, life, and business insurance. An experienced advisor team can help you determine how much insurance you need to ensure that you and your loved ones are protected no matter what and how best to protect what you have worked so hard for.

Protecting Your Business Endeavors

As a self-employed individual, your business activities are likely to support most, if not all, of your financial needs. These activities must be protected to ensure that you can support yourself and your loved ones no matter the circumstances. By working with an experienced planning team, we can address some important considerations that may be keeping you up at night:

        Are you the only person making money for the business, or are there employees?

        What will happen to the business if you become incapacitated? Can the company continue without you, or does all work halt?

        What will happen if or when you decide to retire? Will you need a different source of income, or will you have some aspect of your business that you can sell?

        What will happen to the business and your loved ones when you die? What will be left to support your loved ones?

Limiting Liability

Everything in life comes with a particular risk—being self-employed is no different. From a business standpoint, a self-employed person may be personally susceptible to the business's creditors or other lawsuits involving the business's activities. As an individual, you may also be concerned about personal creditor claims, potential divorces, and other lawsuits. Although we cannot eliminate all risks, we can take steps to help minimize them. Concerning the business, you need to work with an experienced attorney and tax preparer to ensure that the business is formed or organized in a way that limits liability for some of the potential risks. You can take the first steps toward protecting yourself and your business by adequately ensuring both. If you are concerned about protecting what you leave behind for your loved ones, particular types of trusts can help ensure your loved ones can benefit from their inheritance while minimizing the likelihood of being taken and used for a different purpose.

We understand that you have a lot on your plate. Let us take part of the burden off of your shoulders by crafting a plan that is unique to your circumstances. Call us to schedule your first meeting and get you on the path to a protected future for you, your business endeavors, and your loved ones.

Contact Hartmann Law Today

If you have questions about self-employment business planning, contact our office to speak to an estate planning attorney. 

Take steps to start your Life and Legacy planning today!  Take action to ensure your voice is heard when you are unable to speak for yourself.  Make the decision to protect yourself, your loved ones, your business, your property. 

Take steps to start your Life and Legacy planning today!  Take action to ensure your voice is heard when you are unable to speak for yourself.  Make the decision to protect yourself, your loved ones, your business, your property.   

Schedule a call today with Hartmann Law. 

Hartmann Law provides Life and Legacy plans ready for today with an eye on the future.

YOUR CHOICES.  OUR GUIDANCE.

Life and Legacy Plans created by design and not by default!

 

About the Author

ANGELA RICH HARTMANN

Angela Rich Hartmann is a New Jersey attorney serving clients in the areas of estate, business, and real estate law.

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