Estate Planning for your Business

Associate Jen Schreurs regularly advises clients in the practice areas of wills, trusts, estate and incapacity planning, estate administration, and business law.

Whether you are a sole shareholder or have business partners, you will have questions about estate planning. Once you are gone, estate planning plays an integral role for your business to continue to succeed. Jen discusses some of those questions.

Transcript:

Whether you are a sole shareholder or you have business partners, estate planning plays an integral role in the continued success of your business.

There are many questions that business owners often have when it comes to their estate planning such as:

• As a sole shareholder, who will take over and run the business when you die?
• Or is the intention for the business to be sold, liquidated, or otherwise round-up?
• What are the tax consequences of dying as a shareholder, and is it possible to implement any tax planning?
• Where there are multiple shareholder's is there a shareholders agreement in place? Shareholders' agreements will often dictate the intention for the deceased shares.
• Lastly, what role can life insurance play in your business succession?

There are so many questions to answer, and every business is different. There is no one set path to dealing with a business after the death of a shareholder. What is right for one person or one company may not be right for another.

FH&P is here to walk you through the possibilities and potential outcomes to contribute to the continued success of your business long after your departure.