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What You Need to Know About Estate Planning and Business Succession Planning from The Perspective of a Lawyer

May 17, 2018

The concept of business succession planning and estate planning must be taken together for anyone who owns a company. There are many different ways that businesses can be transitioned after the sole owner exits. Many people fail to consider that exiting on purpose is not the only way that someone could leave a business. 

A sudden divorce or incapacitation could present unique challenges in the business owner’s life, meaning a sudden departure. Many people still wish to actively control their businesses until they pass away, and therefore succession must be addressed in their estate planning documents in terms of their personal representatives. Others may have a clear transfer of power opportunity during their lifetime and may be able to continue as an employee or consultant of the business or retire completely. In certain situations, when power is transferred the business may be sold but there are other situations in which ownership may be retained.

The most difficult way for a client to leave a business is to sell it over the course of his or her lifetime, and then either retire or start a new venture. All of these different options are available to those who are contemplating the benefits of estate planning and business succession planning, and these should always be discussed with a knowledgeable lawyer.


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Schedule your free Exploratory phone call

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can be of assistance.

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listings and become a part of an amazing team.

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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more