If your business is being run as a sole proprietorship, you could lose everything if someone were to sue you. There are a number of entities, such as corporations, partnerships and limited liability companies, which can insulate you from personal liability.

How do you plan on protecting the fruits of your labor? How will your heirs pay the estate tax that may be due upon your death? Will the business have to be sold? Who will take over the business after your death? Do you have a succession plan in place? Business and tax planning go hand and hand with estate planning.