A recent article posted by Wealth Management.com highlights Eight of the Most Pressing Questions about Estate Planning. While the entire article is important, I wanted to highlight the question “What’s the most overlooked area of estate planning?”
The article’s answer is “Business Succession Planning,” and that is absolutely correct.
We recently published an article titled “A Troubling Tale of Two Small Business” (you can read it HERE), which documents the stories of two small businesses that went through crisis succession. In both cases, neither business owner had an Estate Plan in place for the business.
When we talk to our clients about estate planning, we want to make sure that every area of their life has a plan: from their estate to their adult children, and yes, to their business. However, when most people think of Estate Planning they fail to account for the businesses that they may own or maybe a part of.
Whether you want your children to take over the business, or you want to pass the business to a key employee, it is important that you account for this in your Estate Plan. You have spent years building your business into the successful enterprise that it is today… do not leave the succession to chance.
If you are interested in learning about how to incorporate your business into your Estate Plan, you can book a Complimentary Strategy Session HERE.