Elville and Associates’ managing principal and senior estate planning attorney Olivia Holcombe-Volke offers this important and inclusive discuss related to estate planning for business owners.
Perhaps you inherited a family business, and it is meant to carry on in the family, as a legacy. Or perhaps you built a business from the ground up, and have a star employee you want to ensure will be empowered to carry on the business when you no longer can. Perhaps the business interest is your most valuable asset, or perhaps it isn’t all that lucrative from a financial perspective, but the intellectual property aspect of it should be protected against loss.
A business is a unique asset, and business owners, regardless of the size or type of the business, or size or type of the ownership interest, have a unique concern: what will happen with the business interest in the event of my incapacity or death?
Often, owners of any sort of business interest have the desire for the business interest to be handled in a particular way, or to pass on to a particular person. Even when that is not the case, when a business owner feels no particular “calling” to ensure that the business carries on in a particular way, or with a particular person, it is important to have documents that will provide for the business to wind down in an orderly fashion. Ensuring any of this requires careful planning.
Among the many topics of discussion include:
What will happen to your business if you become incapacitated?
What will happen to your business if you die?
The who, what, when, and how of planning for business succession
Plus, a general overview of the fundamental estate planning
documents to protect you, your family, and your business in the event of the unexpected.