Business Estate Planning

Business Estate Planning-85
There is a lot to think about when business owners begin estate planning.As they think through what to do with what is often the most valuable asset in their estate, they’ll need to determine whether the company will be passed on or sold.In the case that the surviving members of the family realize that they can’t run the business and they need to sell, they will be selling from a position of weakness.

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In a situation in which there are multiple children and in-laws, delegation of duties and buy-in are critical.

Sometimes, however, there are children and in-laws who are fine not being in the business.

Generally, business owners ought to be thinking about how to pass on their business when it becomes clear that the business is realizing steady, continued success and is becoming a significant part of the estate.

At that point, collaborate with an accountant, attorney, financial adviser and family to create a plan.

Whatever is decided, the management team needs to be part of the conversation and comfortable with the decision.

What mistakes do business owners tend to make when it comes to estate planning? That can lead to conflict as the heirs are left to determine their roles and who deserves what share of the profits without the guidance of the owner.In both cases, there are questions that need to be answered to ensure a smooth transition.Otherwise, owners risk devaluing their greatest asset, leaving little to their heirs.Our accomplished wealth transfer & succession planning attorneys provide the knowledge, understanding and integrity required to create effective estate and business-succession plans.We advise high-net-worth individuals, couples, families and their fiduciaries on the protection and management of assets, and we help provide the peace of mind and long-term security that enables our clients to focus on other important personal and professional goals.Taking steps to protect that asset now is one of the smartest things you can do as a business owner. Estate planning is one of those things everyone dreads and tries to avoid, but without it, your business could suffer, or even fail, if something were to happen to you unexpectedly.For that reason, it's never too early to start thinking about estate planning.There is no area of law where trust in your attorney matters more than estate planning.The most effective attorneys in this area are proficient in tax law, understand the complexities of closely held businesses and intra-family dynamics, and embrace the spirit as well as the letter of their professional obligations.What are some of the questions family business owners should ask as they prepare their estate plan?An early question is whether the owner wants the business to continue, or would rather cash out.

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