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

Are You Ready for Tax Season? Smart Strategies to Stay Ahead in 2026

Tax season is here—are you prepared? Discover key strategies for high earners, business owners, and legacy-minded families to reduce stress, optimize returns, and align with ...

<p>The post Are You Ready for Tax Season? Smart Strategies to Stay Ahead in 2026 first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

New Year, Smarter You: Resolutions That Build Wealth and Protect Your Legacy in 2026

Turn your New Year’s resolutions into action. Discover how to align tax, wealth, and legacy planning with your goals for 2026—and build a future worth ...

<p>The post New Year, Smarter You: Resolutions That Build Wealth and Protect Your Legacy in 2026 first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Charitable Giving After OBBBA: What High-Income Families and Business Owners Need to Know

The One Big Beautiful Bill Act (OBBBA) changes how charitable donations are treated for tax purposes. Here’s what affluent families and entrepreneurs need to know ...

<p>The post Charitable Giving After OBBBA: What High-Income Families and Business Owners Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>