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One of the advantages of running your own business from your home is that you get to be yourself all of the time. But, it is important that you don’t lose sight of the fact that you are also a business. That fact is not lost on the IRS who takes a special interest in home-based businesses and their profits and losses.

Imagine the following scenario: You run a successful business with your business partner of 20 years. Your business partner dies unexpectedly. After the funeral, your deceased partner’s spouse shows up at your office with her two grown children. They ask for the key to your partner’s office – not to clean it out, but to move in.

As if business owners didn’t have enough to contend in managing their business and personal finances, there is one particular aspect of their financial lives that is often neglected until it’s too late, and that is the management of their estate. Yet, it is the one area of their financial picture that, if not thoroughly planned and managed, could have the most devastating consequences for their family and their business.