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...]
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...]
