Thanks for taking the time to find out about our connection to Garden Grove and the Orange County area. Located in northern Orange County, Garden Grove is home to Grove District Anaheim Resort and the annual Strawberry Festival. With a population of more than 170,000, the Garden Grove Freeway (State Route 22) travels through the city. We would like to thank our neighbors in Garden Grove for visiting our website. If you are looking for a licensed estate planning attorney in the Orange County area, you have found a reliable local resource.
The Garden Grove Strawberry Festival
Held during Memorial Day weekend each year, the Garden Grove Strawberry Festival is one of the largest festivals taking place in the western United States, welcoming approximately 250,000 participants. This exciting event first began back in 1958 as a community celebration of Garden Groves agricultural history. The area is known for an abundance of crops including chili peppers, oranges, walnuts, and strawberries. The celebration includes the world’s largest strawberry shortcake. Various community organizations take part in the festival each year and bring visitors carnival rides, vendors and parades.
BiGG: Buy in Garden Grove
Garden Grove has implemented a “shop local” program encouraging residents to support the local businesses. This program, known as Buy in Garden Grove (“BiGG”) helps to support businesses, offer discounts to shoppers and retain tax dollars in the city.
Garden Grove Sole Proprietors Need Business Estate Planning
Here at the Schomer Law Group, we take our commitment to our neighbors in Garden Grove to heart. Sole proprietors Garden Grove need business estate planning, possibly more than other business entities. Sole proprietors need more protection because their personal assets are not actually separate from the business. That means, where you pass away, your business cannot continue unless you have a business estate plan in place. Unless you provide a specific plan of action in place, your expectations for business succession may not be realized.
Why is a Business Planning Essential?
All businesses involve risks and all business owners are exposed to legal or financial risks, as they operate their businesses. Starting a business, in itself, brings a certain amount of financial risk. The reality is, not all business owners recognize ever risk, legal or financial, to which they are exposed. Every legally binding agreement that you enter into has its consequences. With an appropriate business plan, you can reduce financial and legal risks.
What Makes a Sole Proprietor Different?
When the owner of a sole proprietorship dies, the business will cease to exist unless a successor takes over. Unlike corporations and partnerships, a sole proprietorship does not have a separate legal existence. Instead, the tax obligations and debts of a sole proprietorship are linked to the owner of the business. Either the business will dissolve or ownership must be transferred to someone else. If you want your business to continue, you have to create a business estate plan to make sure that happens.
Common Estate Planning Issues For Sole Proprietorships
One particular concern for sole proprietors is how to protect their family’s financial future. For that reason, most sole proprietors include terms in their estate plans that direct the sale of the business or that appoint a relative to take over business operations. There are often tax consequences when a sole proprietor passes away. Without the proper estate plan, business assets will pass on to the next generation with significant estate and inheritance tax consequences. This is why it is so important that the business assets of a sole proprietorship be included in your general estate plan.
How Do I Protect My Business Assets?
One important aspect of business planning, and particularly asset protection, is liability insurance. They type of insurance you will need to provide appropriate protection for your business assets depends on the status of your business. Your insurance needs will likely change as your business develops. Adding an umbrella policy to your standard liability insurance coverage is wise because it provides individual protection, as well as homeowner’s and auto insurance coverage. Another way to provide asset protection for business owners is to establish a pension plan.
When Should I Establish a Business Plan?
Before there is any indication of financial or legal issues, you need to take affirmative steps to protect your business assets through a business estate plan. In additional to being a very prudent decision to make for your business, creditors have a more difficult time challenging any transactions or asset transfer you make. By completing your business plan early on, there are always more options available to head off any potential financial problems.
If you have questions regarding estate planning, trust contests, or any other trust administration issues, please contact the Schomer Law Group either online or by calling us in Los Angeles at (310) 337-7696.
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