Estate Planning for Business Owners
For a business owner, an estate plan should address both the family and the company. Ownership, management, succession, and transfer rules should work together instead of being handled in separate silos.
Key Planning Issues
- Who can manage the business during incapacity
- What happens to ownership at death
- Coordination with operating agreements, bylaws, or buy-sell terms
- Whether ownership interests should be held in trust
- How family members benefit from or participate in the business
- Coordination with tax, valuation, insurance, and financial professionals
