Owners of closely-held businesses face unique challenges when it comes to estate planning. In addition to planning to pass along the non-business assets, closely-held business owners must concern themselves with developing a business succession plan. Reasons for investigating a business succession plan can include maintaining a income stream once control or ownership of the business has been passed to next generation, equalizing distributions between participating and non-participating heirs, not to mention the continued success and operation of the business once the original owner is gone.
If you own a business and have questions about how it can affect your estate plan, or if you need to update an existing plan to include a new business, please give me a call to discuss. You and your business will be glad you did.