If you are a business owner, you need to ensure that your business interests and your estate plan work together. In order for your business to function as you wish during your incapacity or after your death, you must have a business succession plan in place.
Depending on the type of entity or entities you own, the need carefully drafted shareholder agreements, buy-sell agreements, operating agreements, or partnership agreements in place. Those business interests need to be properly integrated into your revocable and irrevocable trusts, which need to have specific provisions for how business management is handled during incapacity or at death, when and how businesses may be liquidated, how to determine value, whether and how your family will be involved in operations, and many other considerations.
Too many times, we've seen people plan well for their personal assets and plan poorly for their businesses. Or vice versa. In both cases, things never end well.
You have worked too hard building your business to leave this to change. Whether you have a few rent houses with family or friends, own your own professional practice, or operate a multi-million dollar corporation, you need a plan.
