Estate Planning for Business Owners: Initial Tips

January 19, 2015

 

Many business owners want to pass on the family business to their kids, but it’s important to remember that this should be a decision made after careful consideration. In the event that you are transferring it outside of the family, there’s no traditional approach that guarantees your success. The conversation about transferring the business should happen long before the new partner or partners is brought into the process.shutterstock_156148373

Formalizing the relationship should be the next steps, and the basic business agreement like the LLC or partnership agreement can be the framework under which the discussions continue. You should set up an appointment with your estate planning and business succession attorney in advance so that there are no surprises and to ensure that you have covered all your bases in the planning process. There are a few key issues that will likely be decided when you pass on the business, such as:

  • The division of income
  • Who will own what business assets
  • How labor will be divided in the new arrangement
  • How business control will be allocated among key stakeholders
  • How management decisions will be made

 

These are all important considerations. To discuss specific planning techniques for businesses and estate planning, send us an email at info@lawesq.net


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

2026 Tax Deadline Guide: Key Dates Every Individual and Business Owner Should Know

Stay organized in 2026 with this complete guide to personal and business tax deadlines. Avoid penalties and plan ahead with confidence. Tax planning is most ...

<p>The post 2026 Tax Deadline Guide: Key Dates Every Individual and Business Owner Should Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

The Bond Market Today: How Iran, Inflation, and Interest Rates Are Influencing Fixed Income

Geopolitical tensions and rising oil prices are influencing inflation expectations and interest rate outlooks. Explore how current bond market dynamics may affect investors. Global events ...

<p>The post The Bond Market Today: How Iran, Inflation, and Interest Rates Are Influencing Fixed Income first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Understanding Gift Tax Returns: What They Are, When to File, and What You Need to Know

Learn what a gift tax return is, when it must be filed, key tax implications, deadlines, and how adding children to assets may trigger reporting requirements. Understanding Gift Tax Returns: A Practical Guide for Individuals and Families Gift giving is often part of a ...

<p>The post Understanding Gift Tax Returns: What They Are, When to File, and What You Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>