ESTATE PLANNING FOR BUSINESS OWNERS
According to a recent study about 60% of small business owners do not have a business succession plan in place. Including a business in an estate plan is essential for the preservation of the business for an individual's family and named beneficiaries.
We Can Assist With Business Succession Plans and Buy-Sell Agreements
When business owners are creating their personal estate plans it is important for them to consider the inclusion of a business succession plan or a buy-sell agreement.
During the creation of an estate plan an individual can designate beneficiaries to take over a business through bequests in a trust or will. However, a business succession plan has additional details including the organizational structure of the business, how the business will be run, and how business responsibilities will be divided between beneficiaries. A business succession plan should be created in conjunction with a personal estate plan to avoid inconsistencies that can result in unnecessary future litigation.
If you do not intend for your business to continue operating after you pass, it is important include a buy-sell agreement in your estate plan to specify who can purchase your share of the business and for what price.
Contact us today for all of your business planning needs!