Sadly, many family businesses don’t survive after being transferred to the next generation. This is often due to a lack of effective succession planning – and a vital component of any succession plan is careful estate planning!
Take a moment to consider the following estate planning questions:
- Do you have a buy-sell agreement with any co-owners of your business that will be triggered upon your death? If yes, do you understand the effect of these provisions and is your family aware of them?
- Do you have a plan in place for if you are incapacitated before transferring your ownership interest in your business?
- Have you appointed a successor or established a process for selecting a successor for your business?
- If you are leaving the business to a family member, have you made arrangements to give other family members assets of similar value?
- Have you taken steps to minimise the potential tax liability related to your business that your estate may face upon your death?
If you answered “no” to any of these questions, you might need to address potential estate planning issues as part of the succession plan for your business.
We are here to help! You can call Estate Connection Law Office at (780) 458-8228.