We address the unique concerns of business owners:
- Who will manage the business if you are disabled?
- Who will run the business after you die?
- How will the cash needs of the business be met?
- How do you divide the estate fairly between all children when only one child runs the business and the business is the primary asset in the estate?
Insurance often plays an important role in estate planning for business owners. Without insurance, the business might not have the cash needed to pay for ongoing management of the business or to buy out family members who won't be involved in the running of the business. By putting the title of the business into a Living Trust, business owners can appoint the right person to handle everything without court intervention. With proper estate planning, a business can stay within the family for generations or can be sold to support the surviving loved ones.
Business owners should also consider a written agreement with the other partners for a buyout upon the death of one partner. Otherwise, business owners might be in business with their partner's family, who might not be compatible with you and might not let you sell your share if your family needs cash for living expenses.
Business owners almost always need an estate plan to avoid court involvement and to detail the business succession plan that will stipulate who will run and own the business. We help you make sure your loved ones benefit from your hard work in building your business.