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.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

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

Should You Prioritize Charitable Giving in 2025 — or Wait Until 2026?

With major tax law changes set to take effect in 2026, now may be the ideal time to evaluate your charitable giving strategy. Learn how ...

<p>The post Should You Prioritize Charitable Giving in 2025 — or Wait Until 2026? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

New IRS MATH Act Brings Clarity — Why Business Owners & High Net Worth Families Should Care

The IRS MATH Act, signed into law in late 2025, requires the IRS to “show its math” when it flags errors — meaning clearer notices, itemized adjustments, and a 60‑day window ...

<p>The post New IRS MATH Act Brings Clarity — Why Business Owners & High Net Worth Families Should Care first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Strengthen Your Retirement Strategy with a Roth 401(k): Tax-Free Growth for the Future

Discover how a Roth 401(k) can enhance your retirement plan with tax-free growth and flexible distribution options—ideal for high earners and long-term planners. Why a Roth 401(k) Might Be the Missing Piece in Your Retirement Plan When it comes to planning for retirement, diversification isn’t just about what’s in your portfolio—it’s also about ...

<p>The post Strengthen Your Retirement Strategy with a Roth 401(k): Tax-Free Growth for the Future first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>