It's About More Than Just Good Business

PHOENIX, June 1 /PRNewswire/ -- Imagine this, you've spent precious time and
energy building the business of your dreams and now the economy is starting to
slow down and things are getting tight. Thankfully, you've planned well,
worked hard and are getting by. Unexpectedly though, you encounter a divorce
or tax problem. But you've built a solid business, you're protected ...
right?

Many small business owners believe that as long as their business finances are
solid they are safe. Unfortunately, they haven't taken into consideration the
effects personal finances, taxes, divorce or a number of other problems can
factor into the equation reports Morris Hall and Kinghorn, PLLC. And once
the problems start, everything from the business holdings to personal assets
including home, car, insurance and investments can be at risk
(www.morristrust.com).

"There are several items you need to think of as a small business owner," says
Dan Morris, senior partner for Morris Hall and Kinghorn, PLLC. "Planning
ahead for potential loss or legal action can make the difference between open
doors and closing for good."

Several of the items a small business owner needs to consider include:
-- Lawsuits - breach of contract, divorce, etc.
-- Business debt
-- Disability
-- Taxes - there are 11 different types you could be responsible for
-- Business succession
-- Long-term care expenses
-- Protection of surviving spouse
-- Protection of beneficiaries

Each of these items carries with it potential risks and liabilities. But they
can be planned for or possibly avoided altogether. By meeting with your
estate planning attorney, you can establish an entity and/or estate plan that
will put your business in a position to weather the storms that oftentimes
close companies for good.

It's never too late to cover yourself. Preparing your options today can keep
your doors open in the future. For more information or to request interviews,
please contact Rhonda Royse at 602.249.1328 or rroyse@morristrust.com.

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
Dan Morris
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=88069

SOURCE Morris, Hall and Kinghorn, PLLC

Rhonda Royse of Morris, Hall and Kinghorn, PLLC, +1-602-249-1328,
rroyse@morristrust.com