${site.data.firmName}${SEMFirmNameAlt}
Call Today for a Consultation
Toll Free: 800-495-9153
Local: 321-426-1848
Hablamos ESPAƑOL

The importance of a business estate plan

While putting a business estate plan into place can provide entrepreneurs in Florida and around the country with peace of mind, there are also a number of tangible benefits that can be reaped from addressing succession issues in a timely manner. A business estate plan can help avoid costly disruptions following the death of a principal and provide managers with a strategy for future growth. For example, drafting a buy-sell agreement could prevent bitter disputes erupting between heirs and partners and keep unqualified or unsuitable individuals away from important decisions.

Buy-sell agreements are especially important when businesses have multiple owners. These agreements provide clear instructions for how business assets are to be treated following the death of a principal, and they may allow other owners to automatically acquire the deceased principal's share of the company. A business estate plan can also reduce exposure to estate taxes. Placing business assets in a grantor retained annuity trust allows entrepreneurs to maintain their income streams while transferring ownership of their businesses to their heirs. This arrangement also prevents any appreciation in equity or value being subject to estate tax.

In addition to addressing tax and ownership issues, a business estate plan can provide a roadmap for future growth and specify how the deceased owner's duties and responsibilities should be apportioned. They can also reward trusted employees and ensure that the deceased owner's vison endures when they are no longer able to hold the reins themselves.

Attorneys with experience drafting estate planning documents may recommend establishing a family limited partnership or a family limited liability company to transfer business assets and reduce taxes. Legal professionals may also recommend revisiting business estate plans on a regular basis to ensure that they continue to reflect the owner's wishes.

No Comments

Leave a comment
Comment Information

Consult Our Florida Lawyer for Veterans Aid & Attendance

Feel free to contact us and schedule an initial consultation where we can review your circumstances in an intimate setting and discuss how our Brevard County Elder lawyer can help you. Simply call Amy B. Van Fossen, P.A., locally at 321-426-1848 or toll free at 800-495-9153. We look forward to meeting you.

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Office

Law Office of Amy B. Van Fossen, P.A.
1696 West Hibiscus Blvd
Suite A
Melbourne, FL 32901

Toll Free: 800-495-9153
Phone: 321-426-1848
Fax: 321-345-5417
Map & Directions

Review Us

We accept

VISA | MasterCard | American Express | Discover Network