Continue a Family Business
You have worked hard to build your business and want to see its continued growth and success, long after you have passed.
To keep your business moving, you will need to pre-plan for the eventual day when you are no longer a part of the business.
Unfortunately (or fortunately!), we do not know when exactly we will pass. If a business is not properly set up, the ownership may be required to go through probate, causing extra expenses and delays.
Some of these delays may cause the business to be frozen for a period of time. If this occurs, potential or future customers may move to a competitor to achieve their goals, which reduces the value of your business.
Proper estate planning can ensure that your business transfers without a delay and may also save your estate thousands of dollars in taxes. From a tax standpoint, businesses that hold real estate will especially benefit from proper planning.