An estate planning attorney can help a small business owner map out a plan for the future, including contingencies for retirement, disability and death. Without some direction the business can fold upon the owner’s death, assets can be distributed according to statute instead of preference, and opportunities to protect and pass on savings to family can be lost.  Small business owners need a power of attorney in place or a trust to designate someone to take over operations in case of incapacity. A Will or a Trust must lay out what assets go to whom. There are trusts and organizational structures to ensure a smooth transition of ownership upon retirement or death.   To illustrate, John inherited his family’s gas station and he and his wife Laura ran it for 25 years. They had four children, two of whom are estranged. John passes away without a will and very little liquid assets.  Since the business was in his sole name, his wife now has to split it with their children – either buying them out or handing over half the profit to them. Moreover, Laura has no legal authority to continue to run the business without going through the Surrogate’s Court. This was likely not what John wanted – he wanted to pass the business to his wife and then to the kids (or at least 2 of the kids).  Stories like this abound in the small business community. There are several solutions to this scenario, one of the simplest was to place the business in a trust and name a co-trustee or successor trustee to avoid family conflict and the courts.