Estate planning attorneys are getting mobbed with questions. Here is some timely advice from three attorneys on what families and business owners should be doing to prepare, in case the unimaginable happens.
Running and owning a business is just like raising a child: Both are investments in the future, and both require a lot of time, resources and effort to raise successfully. One can argue that you would treat your business like you'd treat a child; you'd want it to succeed even after you've passed on or retired.
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.
Gifting interests in a closely held business can be an effective estate planning technique. It can save on estate taxes and reward family members for their hard work in running the family business, while transitioning ownership to the younger generation.
Developing a proper business plan, securing financing, marketing, paying taxes and all of the other small, but significant, details will surely be some of the most challenging yet rewarding work that you will perform in your lifetime.
As a small business owner, you have worked incredibly hard to make your business a success. What began as an idea is now, due to your vision and hard work, a successful business.
If you own a business, you’ve always got plenty to think about: sales, marketing, employees, competition, industry trends and consumer preferences. The list goes on and on.
My idea: put our accounts in my wife’s name and put the land in our children's names. The way I figure it, when something happens to me, they won't need to do any of that courtroom mumbo jumbo that costs a few thousand dollars. What's your take on the workaround idea?
Planning to hand off significant assets, especially a business, to the next generation is a financial decision. However, it is one that also requires the careful handling of a family’s internal dynamics.
