Small and Family-Owned Business Estate Plans
For small and family-owned businesses, the business may be the largest asset. Oftentimes business owners are so involved in the day-to-day operations, they haven’t created a plan for the business or determine the person who will step into their shoes in the event of their death or incapacitation.
We’ll help put together a plan that minimizes tax burdens and potential family conflict. If you have multiple children, we can help create a plan that divides your business appropriately between and outlines their roles and responsibilities considering family dynamics.
Estate Plans for Businesses with Multiple Owners
For companies with multiple owners, a buy-sell agreement will establish the steps to transition ownership. These agreements often allow the surviving owners the ability to pay off the decedent’s beneficiaries in exchange for their share of the company.
Single-Member LLC Estate Plans
A business estate plan for a solopreneur will outline whether the business will be transferred to a successor or sold and its sale price divided among beneficiaries. Solo owners who want their business to continue in their absence should establish a solid succession plan to ensure the company and its employees can carry on after the owner’s death. Creating a vision for how you’d like the business to be run and discussing your long-term goals with your successor is important. A buy-sell agreement will need to be crafted, and a transition plan put in place.
