Part I of a 2-Part Series

Women’s History Month and women-led businesses go hand in hand.  Women-owned businesses account for 39.2 percent of all enterprises, and they employ 12.9 million workers (https://www.nwbc.gov/annual-reports/2024/by-the-numbers.html), according to findings from the 2024 Impact of Women-Owned Businesses report shared by The National Women’s Business Council.

Ezenwanyi Abii, the managing attorney of Abii & Associates, PLLC, (dba Abii Legal), a licensed attorney for over 15 years, in addition to being a licensed real estate broker, created Elevate Your Estate (https://www.elevateyourestate.org/about). The platform and community were designed to help entrepreneurs connect, collaborate, build wealth, protect their assets, and create lasting legacy through law, business, real estate, strategy, and education.

“I created it because I saw too many talented people, especially women, entrepreneurs, and families of color, working hard to build something meaningful without having the legal structure, financial literacy, support system, or long-term strategy to protect it,” the business owner stated.

Abii wanted to create something that transcended beyond traditional legal services and brought together education, empowerment, and practical tools for growth. Elevate Your Estate blends protection with vision and helps people elevate every part of their lives and legacy, not just their income.

Abii answered questions about estate planning, protection of assets, and the intersection of entrepreneurship.

Estate planning is not only for wealthy people.

“Estate planning is for anyone who wants a say in what happens to their money, property, children, health decisions, and legacy if they become incapacitated or pass away. Too many people assume they need to have millions before planning matters, when in reality, even a modest home, a bank account, life insurance, retirement benefits, or minor children create a real need for planning,” said Abii.

She further explained that estate planning helps everyday families avoid confusion, conflict, unnecessary court involvement, and delays during already difficult times.

Understand a power of attorney.

A power of attorney is a legal document that allows you to appoint someone you trust to act on your behalf in certain matters, according to Abii.

“Depending on the document, that person may be able to handle financial decisions, legal matters, or healthcare decisions if you are unable to act for yourself. Yes, it should absolutely be part of a complete estate plan because estate planning is not only about what happens after death, but also what happens if you are alive but temporarily or permanently unable to manage your affairs,” she added.

Keep in mind that without a power of attorney, your loved ones may have to go to court to get the authority to act for you. That process can be stressful, expensive, and time-consuming.

Start strong as a business owner.

“One of the biggest mistakes small business owners make is failing to build the business on a proper legal and financial foundation from the beginning. Many do not formalize agreements with partners, contractors, or clients, and they often fail to keep clean records, separate personal and business finances, or update their operating documents as the business grows,” Abii noted.

 Others overlook succession planning, tax planning, intellectual property protection, and risk management until a problem arises. That reactive approach can create major legal exposure, tax inefficiencies, and internal disputes later.

“The best protection is to put the structure in place before success, conflict, or crisis forces the issue,” Abii added.

Access tax write-offs with greater thought.

Abbi said that business owners can better access tax write-offs by becoming more intentional and strategic about how they operate, document, and plan throughout the year.

“Too often, people wait until tax season and then try to ‘find deductions,’ when the smarter approach is to make business decisions with tax strategy in mind all year long. That means working with a CPA or tax strategist early; keeping accurate books; separating business and personal expenses; using the right entity structure; documenting legitimate business use of vehicles; travel; home office space; marketing; contractors; technology; education; and professional services,” she added.

Protect your assets before trouble arises. You worked hard to build them.

Asset protection often starts with using the right legal entities, maintaining proper insurance coverage, separating business and personal risk, titling assets thoughtfully, and avoiding commingling of funds.

“Depending on the situation, this may involve LLCs, trusts, homestead protections, retirement account protections, proper contracts, and other lawful planning tools. The key is that asset protection must be done ethically and proactively, because once a lawsuit or financial crisis is already underway, many options become limited,” she added.

Visit https://www.abiilegal.com to learn more about Abii and her services.