Business ownership complicates estate planning, but it does not make it impossible.
The more assets you have and the more complex those assets are the more complicated it is to make an effective estate plan. This is especially true if one of your assets is a business that will continue to operate after you pass away.
It is important to plan not only for how ownership of the business will pass from one generation to the next but also to plan for how day-to-day management of the business will as well.
The Wills, Trusts & Estates Prof Blog recently offered some tips for business estate planning in "Some Things To Keep In Mind When Estate Planning For A Business."
The advice includes:
Keeping these tips in mind as well as seeking the advice of an experienced estate planning attorney can go a long way to making sure that a business survives the death of the current owner and passes to the next generation as smoothly as possible.
Reference: Wills, Trusts & Estates Prof Blog (May 13, 2016) "Some Things To Keep In Mind When Estate Planning For A Business."
© 2021 Legacy Law Center