Estate Planning for Business Owners
You’ve worked hard to build your business, and you want to know that it’s in good hands when you retire or pass away. Small Business owners need to ensure that their estate plans and business plans interrelate to one another. Estate planning for business owners consists of appropriate trust documents, estate tax considerations, and perhaps retirement planning through gradual buy-outs or generational succession planning.
A Revocable Living Trust or Qualified Spousal Trust is a piece of estate planning for the small business owner. Other estate planning techniques such as the FLP and FLLC exist.
Family Limited Partnerships (FLP)
An FLP lets you provide for your family for generations to come, limits estate taxes, protects assets, and complements your trust planning.
Family Limited Liability Company (FLLC)
An FLLC is a tool that helps owners maintain control of the business, keep assets in the family, may protect assets during the owners lifetime and reduce taxes. It is a valuable piece of estate planning for business owers.
Business Succession Planning
A thriving intergenerational family business puts a legacy plan in place that preserves positive family relationships. Business succession planning is a collaborative effort and affects each members estate plan.
If the owner is not transitioning the business to the next generation, then a plan in place incorporates a gradual buy-sell agreement to the perspective new owner(s).
Tucker Legal Services is a boutique estate planning and elder law firm with established relationships with local business law attorneys to review operation agreements, buy-sell agreements, and to create a succession legacy that works with your estate plan. Sheri works with you in the estate planning side and coordinates with business attorneys that fit client’s needs. Book Now.
We can help you immediately.