BUSINESS ATTORNEY · AKRON, OH
Estate Planning for Business Owners in Akron, OH
Spatz Law Group helps business owners in Akron and across Northeast Ohio connect their estate plan to their company, so the business keeps running and its value reaches your family.
Nobody authorized to sign the day after
If you become ill or injured, someone still has to pay employees, approve invoices and keep customers informed. But a general power of attorney may not reach your business interest, and your operating agreement may limit who can act for an owner. Banks may refuse to let anyone else touch the company account. Without authority in place, your family may have to ask the probate court for a guardianship just to keep the doors open. Your plan coordinates your power of attorney with your company's documents, so a trusted person can step in immediately.
Life insurance that funds the transition
When an owner dies, the business often needs cash quickly: to keep operating while customers and lenders adjust, to buy out your share from your family, or to cover estate costs without selling equipment or the company itself at a bad time. The right life insurance, owned in the right way, gives your family and your business that cushion. Whether the business or you personally should own the policy depends on your goals and whether you have partners, and that choice is coordinated with your buy-sell agreement and estate plan. For larger businesses, how the policy is owned can also affect estate tax after a 2024 Supreme Court decision, so it's worth reviewing older arrangements.
Making sure your family knows what you know
Owners carry a lot in their heads: which customers matter most, where the passwords are, the banker's name, which vendor is reliable and which isn't. When something happens suddenly, that knowledge disappears with you. A written letter of instruction, kept with your estate plan and updated as the business changes, gives your family and your successor a map. It won't run the business for them, but it means they're not starting from scratch on the worst day of their lives. Ohio law also lets you give your agent and executor authority over online accounts, which matters when the business runs on email, cloud software and online banking. Your plan includes that authority.
Your attorney
Debra A. Spatz
Licensed in Ohio since 2008 · Ohio Supreme Court Reg. #0083356
Chicago-Kent College of Law · University of Illinois, Finance
Meet DebraBefore your first conversation
Bring your business formation documents and any operating, partnership or shareholder agreements, your existing will or trust, and a list of business life insurance policies.
★★★★★Google review
If you are looking for a local estate attorney in Bath, Ohio, Deb Spatz with Spatz Law Group is truly exceptional. I know several people who have worked with Deb, and they consistently share nothing but positive experiences. Deb takes the time to get to know you and your story, allowing her to create a plan that brings real peace of mind for you and your family. She even offers the option to record a legacy video for your loved ones, which is an incredibly meaningful and lasting gift. Do not wait until it is too late. I highly recommend calling Deb today.
Frequently Asked Questions
What happens to my business if something happens to me?
Your ownership goes through probate with the rest of your estate. Ohio gives an executor only limited authority to keep a business running after an owner's death, so operations can stall while the court process moves forward. Employees, customers and lenders feel that uncertainty quickly. A plan that holds your interest in a trust and names who steps in avoids that gap. If you become ill instead, a power of attorney that covers your business lets someone you trust keep things running.
Who will inherit my business?
The people your plan names, in the way it names them. Without a plan, Ohio law divides your share among your family by formula, whether or not they work in the business. Your plan can leave the business to the family member who runs it and provide for the others in other ways, so the business stays in capable hands and everyone is treated fairly.
Would my business have to go through probate?
If you own it in your name alone, usually yes. Your ownership interest goes through probate like any other asset, and its value ends up in a public court file. Holding it in your revocable living trust, with your company's agreements updated to allow that, lets it pass to your family privately.
Does my financial power of attorney cover my business?
Not always. A power of attorney needs to give authority over business interests, and your operating or shareholder agreement may limit who can act for an owner. Both documents are reviewed together, so your agent can actually step in.
Can my trust own S corporation shares?
Your revocable living trust can hold S corporation shares during your life. After your death, only certain kinds of trusts can keep owning them without losing the company's S corporation status. Your trust is written so the right elections are available when needed.
Should my business own life insurance on me?
Sometimes. Company-owned insurance can fund a buyout or keep the business running, while personally owned insurance protects your family directly. The right setup depends on your goals and whether you have partners. If you have partners and a buy-sell agreement, see how ownership affects estate tax on our Business Succession Planning page.
Do my spouse and I need separate plans if we own the business together?
Usually you'll have coordinated plans that work together. Your plan addresses what happens if either of you dies or becomes unable to work, and whether the surviving spouse keeps, runs or sells the business.
How often should I update my plan as a business owner?
Whenever ownership changes, you bring on a partner, the business grows significantly, or you're thinking about selling. A plan that reflects a business you owned ten years ago may not fit the one you own today.