Friends,
For business owners, estate planning goes a step further to include business succession planning. The two should not be mutually exclusive, and we believe attorneys, CPAs and financial advisors should each play a role. I read this article a few weeks ago, and thought it contained several very good high-level details to consider. This piece was authored in VA, but it applies to owners in most states.
The quick bullet points to summarize the article are below:
- Ownership structure and business agreements are essential. Consider updating operating and buy-sell agreements as changes to the organization occur.
- Review tax implications for each scenario. What is most important to you? Understanding the estate tax exemptions and ability to utilize gifting and trusts will help minimize the tax burden on your estate.
- Carefully consider the successor to the business whether internal or external. If you are considering a sale of your business – we are happy to advise on next steps and common exit strategies.
- Trusts can help accomplish a variety of goals. A thorough review of several types of trusts should be conducted.
We’re here to help review your estate plan if you feel as though your current plan isn’t up to date or has not yet been created.
Have a wonderful week,
Andrew