Estate should be handled very much like LLCs, with two classes of owners. Three elements of any assets include control, equity, and cash flow, and not all need to be vested in the same individual.
Business Law
Separate but Equal – or Unequal – Business Succession Planning
Successful transfer of business interests requires very careful planning. Simply leaving a business in equal shares to all children can be a recipe for disaster. Estate planning is for everyone, but particularly for business owners!
Is your business succession plan ready?
Perhaps you “learned the ropes” of your family business alongside your parents or grandparents in your youth. For decades now, you’ve been at the helm, and you’ve been thinking a lot about the future. You’re getting older, and you naturally want to make sure you have...
Updated Property Inventory Minimizes Many Business Risks
The complexity of maintaining a business inventory system often results in the inability to receive insurance proceeds or, in the case of the death of the owner, a proper estate inventory..
Starting a Business in Indiana and Planning it Right
Business planning and estate planning are inevitably intertwined. In addition to selecting the correct business entity, there are many other important decisions to be made upfront.
Do You Know the Value of Your Business Interests?
One way or another, the value of your business is going to directly affect the amount of tax you – or your heirs – will owe. Having a handle on your business value will prove invaluable.
Your Business Needs an Estate Plan, Too
A business plan includes a review of your book of business, a description of the vision, company financials, and key objectives. Planning must be done for growth between the planning and the eventual passing of the owner.
Seamless Transitions of Value and Control are Hardly Simple
Seamless transition of the ownership of a business or practice takes years of planning. Successors must be groomed and developed, and our role as advisors is to serve as good leaders in the inter-generational communication process.
COVID-19 Reminds Us to Plan for Business Continuity
COVID-19 has put on spotlight on business continuity planning, particularly for small family-owned businesses. Planning must include not only succession planning, but preparing for business disruption and maximizing the use of government support.
Proactive steps to prevent partnership disputes
Between any two people, no matter how much they agree on, there will be some things they see differently. When those two people are business partners in Indiana, the disagreement could lead to serious issues. As Business News Daily notes, a disagreement may be about...
