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Success L aw
So you’ve had great success in business and are ready to expand, buy your slice of paradise or leave a legacy
in your name. Here are a few reasons estate planning should be part of your current success strategy, and not
something to put off for yet another day.
T E X T BY JACQ U E L I N E AU G U S TO, E SQ .
AU T H O R PH OTO BY M A R I A B R I TO
You’ve accumulated a substantial amount of wealth, have a
beautiful wife and 2.3 children. You’ve always dreamt of leaving
a legacy at your alma mater. If it’s not in writing, you can say
goodbye to dreams of alma mater glory. The best way to ensure
that your wealth is distributed to those you love is by executing a
Will & Trust. A Trust will protect your family’s privacy, allow your
family to avoid a probate nightmare and set the guidelines for the
creation of a charitable scholarship at your alma mater so that
your legacy can include the gift of education. Advance directives,
statements regarding your care in the event of incapacity, are
crucial for the world-traveling entrepreneur.
Part of the thrill of being an entrepreneur is enjoying the
benefits that come along with it. Condo in Aspen? Check! Boat
docked in Bimini? Check! Vacation home in St. Barts? Double
check! Now, how about if the butler who keeps your mountainside
cabin in Aspen in immaculate shape slips on the ice and takes a
nasty tumble that leaves him with a fractured hip? With a potential
loss of gainful employment, he may turn to you for compensation,
especially if all your real estate is owned in your individual name.
A successful estate plan includes a careful review of your assets
and the creation of various LLC’s that will ensure the protection
of your assets from creditors’ claims.
36 Nobody likes the thought of death or taxes, but the fact is both
are inevitable...and entrepreneurs are just as likely to die driving
home from the office as the average working Joe. When the
time comes, Uncle Sam will come knocking on the entrepreneur’s
door to collect the Estate Tax due…and those estate tax rates
are astronomical. Working with an estate planning attorney will
help you come up with the right strategies to preserve your assets
during life and after death while making sure your loved ones are
cared for if the unforeseen happens, and that your business carries
on without interruption. While entrepreneurs tend to like high-
risk and high-rewards, wealth preservation is the safest bet any
entrepreneur can make to keep enjoying the high-life for life.
ABOUT THE AUTHOR
Jacqueline Augusto is the
Principal of Augusto Law
Group, P.A., focusing on estate
planning, probate, guardianship
and trust administration. She’s
a graduate of the University of
Miami School of Law and resides
in Coral Gables with her family;