Hey everyone,
Are you a business owner? If so, you won’t want to miss this episode of the Elder Law Report. Greg McIntyre, an elder law attorney, discusses the importance of estate planning for business owners.
McIntyre explains that business owners have unique circumstances when it comes to estate planning. They may be in a partnership, own shares of stock in a closely held corporation, or have a percentage ownership in an LLC. However, many business owners do not consider what will happen to their business interests when they pass away.
To avoid being in business with a partner’s spouse or children, McIntyre suggests setting up an estate plan that specifically names who will receive the ownership interest. Additionally, operating agreements can be created to direct ownership interests to specific individuals upon the owner’s death.
McIntyre also recommends buy-sell agreements, which are funded by keyman life insurance policies, to ensure that ownership interests are bought back by the corporation or LLC upon the death of a partner. This way, the deceased partner’s spouse or children receive fair market value.
McIntyre emphasizes the importance of setting up scenarios that provide multiple wins for business owners. He suggests a buy-sell agreement as a solution that can ensure that if a partner dies, the surviving partner owns 100% of the business, and the deceased partner’s spouse is paid for the value of the shares received.
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McIntyre calls this strategy a “Russian nesting doll” approach, which offers multiple layers of liability protection for business interests. He enjoys working with business owners to create business succession plans and transfer assets and ownership efficiently.
In conclusion, if you’re a business owner, it’s crucial to consider estate planning for your business interests. McIntyre offers a free consultation to anyone looking to engage in business and estate planning. As he says, “Don’t put off planning. Planning is key.”
So, don’t wait any longer. Tune in to this episode of the Elder Law Report and learn how to protect your business interests.
Schedule your FREE consultation today by calling: 1-888-999-6600 or online at: mcelderlaw.com.
Estate Planning & Elder Law Attorney
