Estate Planning for Your Business

BuySellAgreements

When you own and operate a business, your Buy-Sell Agreement is probably the last thing on your mind.  It’s something your business attorney drafted years ago and most likely you have not thought about it since.  Or, maybe you don’t have one at all!  Just like your personal estate planning, having an estate plan for your business is very important.  Without a buy-sell agreement, a closely held or family business faces the possibility of financial and tax problems on an owner’s death, disability, divorce, bankruptcy, sale or retirement. The benefits of having a buy-sell agreement in place far outweigh the cost of creating and maintaining the agreement.  A buy-sell agreement can ward off infighting by family members, co-owners and spouses.  The buy-sell agreement can also help keep the business afloat in the event of one of these major life events.

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Estate Planning for Your Business

When you own and operate a business, your Buy-Sell Agreement is probably the last thing on your mind.  It’s something your business attorney drafted years ago and most likely you have not thought about it since.  Or, maybe you don’t have one at all!  Just like your personal estate planning, having an estate plan for your business is very important.  Without a buy-sell agreement, a closely held or family business faces the possibility of financial and tax problems on an owner’s death, disability, divorce, bankruptcy, sale or retirement. The benefits of having a buy-sell agreement in place far outweighs the cost of creating and maintaining the agreement.  A buy-sell agreement can ward off infighting by family members, co-owners and spouses.  The buy-sell agreement can also help keep the business afloat in the event of one of these major life events. (more…)