The ideal estate plan will depend upon the circumstances, and this is one of the reasons why it is important to discuss your options with a licensed attorney. Some situations are more challenging than others, but there is an effective strategy to address just about any scenario. With this in mind, we will look at a couple of different ways that life insurance can provide solutions for small business people. Buy-Sell Agreements If you are planning your estate as a partner in a small … [Read more...] about Life Insurance Aids Succession Planning
Inheritance Balancing for Small Business Owners
One of the most compelling reasons to discuss your unique situation with an estate planning attorney is the simple fact that there are many different approaches to planning. As a layperson, there is no reason why you would or should be aware of all of them. However, in just about all instances, there are good solutions, even if the situation seems challenging. Estate planning for small business owners can fit into this category, and we will look at a couple of different scenarios that are … [Read more...] about Inheritance Balancing for Small Business Owners
Small Business Succession Planning
Succession planning for small business partners can often be facilitated with a buy sell agreement. The best way to explain the value of this type of an agreement is to provide a simple example. Let’s say that you have one business partner, and the business has been successful over the years. Your share in the business is your most valuable asset. What would happen in the event of the death of you or your partner? If you were to predecease the co-owner, your heir or heirs would own your share … [Read more...] about Small Business Succession Planning
