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Why business owners should make an estate plan

Georgia residents may think that they only need to create an estate plan to account for their personal assets. However, business owners in that state and elsewhere may want to create an estate plan that accounts for business assets as well. One of the best reasons to have a business estate plan is that it may ensure the survival of the company after the owner passes on.

An estate plan may help reduce the amount of tax that the family of a business owner may pay. This may be done by creating a family limited liability company to hold the corporate assets. Doing so may also make it possible to transfer ownership of the company to family members without incurring taxes. Those who don't want their children to become owners of a company after they pass may want to create a buy-sell agreement.

In such an arrangement, the other owners of a company can purchase the deceased owner's share. Creating an estate plan may be an ideal way to create a succession plan as well. Succession planning may make it possible to start training future leaders or making plans to retain key employees into the future. It may also allow a current business owner to distinguish between who will own the company after he or she dies as opposed to who may manage the business.

Creating an estate plan may make it easier to provide asset protection for individuals and business owners. The use of buy-sell agreements or succession planning may make increase the odds that the business is properly led after the original or another current owner passes on. In some cases, this may mean transferring the company to surviving family members. An attorney may be helpful in drafting or reviewing such documents.

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