Who Should Plan for Small Business Succession and Estate Planning
Small business owners face an unique set of challenges when it comes to estate planning. You have many important decisions to make.
Your goal should be to keep the ownership of the business out of probate.
After all probate is a long, hard process that puts your business in the public eye.
What is Estate Planning?
What is estate planning (What is an estate plan)? That question is better answered by asking yourself 3 questions:
- Who should get my stuff?
- How much should each person get?
- When should they get it?
The rest of the process is putting together legally binding estate planning documents to implement your wishes.
When Should You Plan?
Why Should You Plan?
- Do you have a business succession plan?
- Do you have children you want to leave the business to and minimize taxes?
- Do you want to keep your business finances and your family’s matters out of the public record?