How to Protect Your Family When You and Your Spouse Work in the Same Business

You and your spouse live together, you work together, and chances are you spend a lot of your free time together. Having a successful marriage and business takes a lot of hard work and dedication but can also be among the most rewarding things in life. To help keep you on the right track, here are a few tips.

1. Create a budget for your family and your business.

Money can be a very tense topic even for the average married couple. With a family and a business to run, it is important for the two of you to sit down and agree upon a budget for your family, as well as a budget for your business. By having open and honest communications about your finances, both personally and professionally, you can stave off more heated conversations later.

2. Keep work at work.

While your business is probably the main source of your income, it is important to create a boundary between your work lives and your home lives. If your business has a physical location outside of your home, this can be accomplished by establishing a rule that you and your spouse will only discuss business while you are at work. If you and your spouse are running a home-based business, you can establish “business hours,” and any time outside of those hours is personal time when business will not be discussed. No matter which approach you use, it is important that you allocate enough time to accomplish your work.

3. Have your own hobby.

Because you probably spend almost every waking moment together, it is important to take time to do something that you enjoy alone. This can be as simple as carving out time to take a long relaxing bath or joining an indoor soccer team. Having your own hobby allows you to access another part of yourself and take a break from the usual routine. Studies have also shown that individuals who have hobbies they enjoy tend to have lower blood pressure, are less stressed, and are overall happier.

4. Have your estate planning prepared or reviewed.

Just like any other couple, estate planning is important for business-owning spouses in order to protect each other and ensure a future that is financially stable and prosperous for the family and loved ones you leave behind. When a couple works in a business together, things can become even more complicated, making proper estate planning an even greater necessity. Below are some of the basic estate planning tools you need to protect yourself, your family, and your business.

Trust:

By having a trust, you are able to have your money, property, and your business owned by an entity other than yourself. While this may seem scary, in most circumstances, transferring the ownership does not mean that you are giving up control. In creating the trust, you can name yourself as the trustee (the one in charge of managing the money and property, including the business, in the trust) and name yourself as the current beneficiary (the person who gets the enjoyment from the money, property, and business). The major benefit of having the trust own your money, property, and business is that when you die, you do not own any of these things (the trust does), and therefore, they do not have to go through probate court proceedings. This will save your family time and money, and can keep your personal affairs private.

In addition to avoiding probate, a trust – often in conjunction with buy-sell agreements, or the operating agreement of the entity – can give you a place to write down your instructions for the future of the business. Who will run the business if you are unable to or if you die? Is the next generation ready to step up and run the business? Will everyone participate in the business, or does money need to be provided to a beneficiary who does not work in the business?

Lastly, a trust offers additional protection for your business by allowing you to select an individual to run the business if you are unable to make decisions for yourself, thereby allowing for the continuous operation of your business.

Financial Power of Attorney:

By default, no one (not even your spouse) can make decisions for you unless you formally select someone (through the creation of a financial power of attorney), or if you do not make this choice yourself, someone is selected by the probate court in a very public and costly proceeding. Although your spouse may be the best positioned person to make decisions about you and your business, he or she needs the appropriate authority to do so. Executing a financial power of attorney can facilitate a smooth transition during a stressful and emotional time if, for some reason, you are unable to make decisions for yourself.

This document is incredibly important if only one of you is the legal owner of the business. Although the other spouse may be intimately familiar with the operations, without the proper authority, he or she cannot make any decisions that may be necessary to keep the business going. 

Medical Power of Attorney:

As is the case with financial matters, no one has the authority to make medical decisions for you unless you select them or they are appointed by the court. Indeed, Missouri is one of only a handful of states that has no default surrogate consent laws. If you are unable to communicate your wishes when an emergency arises, it is important that the person who will be deciding your course of treatment is someone you can trust.

Having a successful marriage and business takes hard work. We are here to assist you in making sure that your family and business are protected in the event that unforeseen circumstances befall your family.

Picture of Dan Schnurbusch

Dan Schnurbusch

Dan is the owner of Schnurbusch Law, an estate planning and probate law firm in the St. Louis and St. Charles areas of Missouri.

Share:

More Posts

Create an image of a modern, well-lit office desk with legal documents, a pen, and a computer screen displaying a property title or beneficiary deed form. In the background, include subtle, blurred elements such as a house model or title certificate symbolizing property ownership. The overall color palette should feel professional and approachable, using warm tones like browns and soft beiges to symbolize trust and stability. Add a small plant or a framed photo to create a welcoming, personal touch that resonates with family and estate planning themes.
Dan Schnurbusch

Handling Jointly Owned Property with Right of Survivorship in Missouri

Discover how to handle jointly owned property with right of survivorship in Missouri. Learn the essential steps for recording an Affidavit of Death to ensure a smooth title transfer and avoid probate complications for surviving owners. This guide also addresses what happens when the last joint owner passes away without a beneficiary deed and provides tips for proactive management of jointly owned property. Streamline your estate planning process and safeguard your family’s interests.

Read More »
Create an image of a modest house in a peaceful suburban Missouri neighborhood, with sunlight streaming through tall trees, symbolizing transition and serenity. In the foreground, include a set of legal documents laid out on a table, with visible elements such as a pen and a title deed folder, subtly indicating the process of transferring ownership. The overall tone of the image should feel empathetic and approachable, reflecting the support and guidance offered through the probate process.
Dan Schnurbusch

How Do I Transfer a House Title to My Name After the Owner Dies in Missouri?

Navigating the process of transferring a house title after the owner dies in Missouri can feel overwhelming, especially for heirs, executors, and beneficiaries. This comprehensive guide breaks down whether the property requires probate and outlines the various methods available for transferring ownership, including joint ownership, beneficiary deeds, and the specific probate options in Missouri. Understanding these steps will help you make informed decisions and simplify the transfer process during a challenging time.

Read More »
Create an image of a professional-looking desk with legal documents scattered neatly across the surface, including visible text elements like "final accounting" and "debt settlement." Include a gavel and law books in the background to symbolize the legal nature of probation. A personal representative figure, such as a business-dressed individual, can sit thoughtfully with a pen poised over a document. A subtle Missouri flag or outline integrated in the scene would give it a localized touch without overwhelming the image. Use warm, neutral tones to create an approachable yet authoritative atmosphere.
Dan Schnurbusch

Closing a Probate Estate in Missouri: A Step-by-Step Guide for Executors

Navigating the closure of an estate can be daunting for personal representatives and heirs in Missouri. This comprehensive guide walks you through the essential steps to properly close an estate, from addressing creditor claims and final tax obligations to understanding the formal closure processes under Missouri law. Discover how to avoid common pitfalls and why professional legal guidance can be invaluable in ensuring a smooth conclusion to the probate process.

Read More »
A warm, softly lit image of a family sorting through personal items like heirlooms, jewelry, and photo albums in a cozy living room. Include a mix of vintage furniture, sentimental objects like a small jewelry box being opened, and some paperwork on the coffee table to symbolize the probate process and inventory. The scene conveys a sense of heritage, organization, and collaboration, reflecting the thoughtful handling of personal property.
Dan Schnurbusch

Handling Personal Property After Death in Missouri Probate

Navigating the complexities of personal property during probate in Missouri can be overwhelming for executors and beneficiaries. This guide covers essential steps for handling personal items like furniture and jewelry, including inventory requirements, legal protections against creditors, common challenges such as loss or disputes, and best practices for smooth distribution. Ensuring compliance with Missouri law while keeping beneficiaries informed is crucial for honoring the wishes of the deceased and minimizing conflicts.

Read More »
Generate an image of a professional setting featuring a clean desk with legal documents, a laptop open to a probate checklist, and a Missouri map highlighted in the background. Include a pen and family photographs subtly positioned in the corner to evoke a personal touch. The overall lighting should be soft and welcoming, with a calm and professional color palette of blues and neutrals, signaling trust and reliability.
Dan Schnurbusch

How to Claim a Deceased Loved One’s Bank Account in Missouri

Navigating the process of claiming a deceased loved one’s bank account in Missouri can be overwhelming. In this comprehensive guide, we explore the main methods available for accessing these assets, including joint ownership, Transfer on Death (TOD) beneficiary designations, and the probate process. Learn how to simplify the claiming process with tools like the small estate affidavit for accounts worth under $40,000, and understand when full probate may be necessary. Prepare yourself with the right steps, essential documentation, and insights on avoiding common pitfalls to ensure a smoother transition during this challenging time.

Read More »
Create an image of a professional real estate investor reviewing documents at a wooden desk in a bright and organized office. On the desk, include a title report, a small stack of legal papers, and an open laptop displaying a spreadsheet or property search tool. In the background, show a bookshelf with neatly arranged files and books on "Missouri Probate Law." Add a light map of Missouri on a wall to subtly convey the location relevance. Use warm, natural lighting to keep the scene inviting and professional.
Dan Schnurbusch

Essential Probate Checklist for Missouri Real Estate Investors

Navigating Missouri’s probate real estate market can be complex. This essential checklist guides real estate investors through confirming ownership, identifying seller validity, assessing estate size, planning for flexibility in the probate process, and engaging expert legal support. By following these steps, you can minimize risks and maximize opportunities in probate property investments. Learn the critical elements that every investor needs to know to succeed in Missouri’s probate system.

Read More »