Advanced Estate Planning for Business Owners

What good is a Will if you lose all your assets during your lifetime? Advanced Estate Planning includes planning for the preservation of your wealth during your lifetime as well as planning for the succession of that wealth to intended beneficiaries in the most advantageous manner upon death. It requires a careful assessment of you and your intended beneficiaries’ circumstances and implementation of relevant asset protection strategies.

For most business owners their interest in their business is one of their main assets. Businesses face inherent risks from a range of internal and external factors most of which can not be insured against. The assessment of business risks and implementation of strategies for minimising or avoiding those risks underlies Roberts Legal’s unique approach to Advanced Estate Planning for business owners.

Proper Business Succession Planning is also a fundamental aspect of any modern Estate Plan for a co-owner of a business. Often businesses evolve without much planning. Most people don’t bother to think about what they would do if their business partner got ill or injured and was forced to retire let alone what would happen to the business if the partner died or they got in to a dispute. Without proper planning a partner may find themselves in business with a former partner’s executor, attorney, spouse, or other beneficiary and without any ability to buy out their share of the business. Conversely, a disabled, ill or deceased partner may not be able to convert their share in a business to cash when they need to most.

Problems associated with business partners suffering an untimely death or injury as well as disputes between partners, all of which often lead to the financial ruin of the business, can be managed by the making of appropriate Business Succession Planning Agreements.

Disclaimer: This article is intended to provide comment and information of a general nature only and is not legal advice. While this information was accurate on the day of posting the law may have changed since that date. Roberts Legal is not responsible for any actions taken or not taken on the basis of this information. You should obtain specific legal advice on any matters of interest arising from this article.

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By Sam Roberts,
Managing Director, Accredited Specialist (Commercial Litigation)