Estate Planning Basics for the Family Owned Business

Few things in life can bring more joy and satisfaction than owning a business. It can provide flexibility, autonomy, and a great income for generations. Successful family-owned businesses often are handed down to children and grandchildren, creating legacies as well as wealth. But business owners face more complex questions when preparing their final affairs. Unlike most Americans, small business owners have added concerns about who will take over the business, how the business will be run after they are gone, and what would happen to the business if they became incapacitated in some way. These and more are issues that an experienced business and estate planning attorney can often help to answer. Here are some basics all family business owners should consider when planning their estates.
A Will is Rarely Enough
If you die without a will in Florida, the state’s intestate succession statute will determine who gets your assets and in what distributive shares. A will tells the world (and more importantly, the courts) how you want your life’s earnings, assets, and liabilities dealt with at death. This is crucial to ensuring your wishes are carried out upon your passing. However, a will is quite limited in what it can do. A will does not continue to have much effect after your assets are distributed. Once this is over, you have no control over what the recipients do with their inheritances. Have a son who becomes a drug addict a decade after your death and after you left him the sole interest in your small business? Well, that business may well be gone now. Have a grandchild who later acquires gambling debts? The money you left that grandchild is likely now in the hands of the casino. The point is, a will cannot control what happens for years to come. This is where a trust can be beneficial.
Trusts for Small Businesses
Families with small businesses may do well to establish a family trust. In this type of document, you can set forth some of these things:
- What happens to a business interest upon marriage or divorce of a beneficiary
- How business earnings are distributed
- When and if someone can lose their interest in a business due to debts or other concerns that could potentially harm the business
- How payments will be made to heirs and non-related individuals or charities
A trust can also have provisions that are triggered by incapacity. This means the person making the trust can set forth rules for how a business might need to be run while he or she is incapable of doing so, whether due to physical infirmity or mental capacity issues, such as dementia or other memory-related diseases. Having this ability can give a small business owner a lot of peace of mind and a sense that things will continue to operate as expected after death. More importantly, it is a terrific way to protect those who depend on the business for income and support, such as spouses, children, and other extended family.If you and your family have a Florida small business and need to discuss your financial future and final estate plan, call or visit us online to speak with an attorney from the Sejour-Gustave Law Firm, PLLC.
movie online
February 2, 2021 at 7:16 amDefinitely, what a great blog and revealing posts, I definitely will bookmark your site. Best Regards! Dorrie Colver Lodovico
movies
February 2, 2021 at 11:10 amThanks so much for the blog post. Thanks Again. Great. Dorotea Winfield Maxfield
yetiskin
February 2, 2021 at 2:50 pmSimply wanna input that you have a very decent website, I love the design and style it really stands out. Jasmine Milton Colwell
movies
February 6, 2021 at 9:02 amhi!,I love your writing very a lot! share we keep in touch extra approximately your article on AOL? I need an expert on this space to unravel my problem. Maybe that is you! Having a look ahead to see you. Taffy Reamonn Joelle
altyazili
February 7, 2021 at 6:31 pmMerely wanna input on few general things, The website design is perfect, the content material is really superb : D. Faustina Dannel Caldwell
bluray
February 7, 2021 at 7:43 pmI love this write up thank you. I am a friend of Nada and she shared your site with our group. I just took a shaman course and without realizing it have been on a path slowly leading me into Shaman work. I am not sure how to see it all and use what I am learning but your message really helped me to put a lot of the missing pieces together, thank you and Namaste Beautiful message <3 Ofella Ambrosi Franci
hindi movie
February 8, 2021 at 3:24 amGood post! We are linking to this great article on our site. Keep up the good writing. Talyah Warner Ashlan Jobina Patrizius Urissa
altyazili
February 8, 2021 at 5:54 amNice response in return of this matter with real arguments and describing everything concerning that. Maire Elvin Wincer Shalna Ringo Quenby
diziler
February 9, 2021 at 8:00 amVery good post! We will be linking to this particularly great article on our site. Keep up the good writing. Cassi Nate Stultz
dizi
February 9, 2021 at 11:04 amBeautiful and how I feel about not being able to hold loved ones in this time of the virus! Reeva Ruddy Demetria
mp3
February 9, 2021 at 12:34 pmI likke the helpful info you provide in your articles. Sibyl Jess Laundes Dina Cece Danais
720p
February 10, 2021 at 9:23 amVery good article! We will be linking to this particularly great post on our website. Keep up the good writing. Sheelagh Serge Judd
indirmeden
February 10, 2021 at 9:41 pmHi there. I discovered your blog via Google whilst looking for a similar subject, your website came up. It seems to be good. I have bookmarked it in my google bookmarks to visit then. Tess Fields Quillon
erotik
February 12, 2021 at 3:12 amMy spouse and I stumbled over here coming from a different web address and thought I should check things out. I like what I see so now i am following you. Look forward to exploring your web page for a second time. Tessa Giff Kepner
turkce
February 13, 2021 at 1:34 pmReally appreciate you sharing this blog post. Really looking forward to read more. Fantastic. Sallee Thayne Clarke
turkce
February 13, 2021 at 2:58 pmI pay a visit daily some websites and blogs to read articles or reviews, but this weblog gives feature based writing. Vanny Perren Vachil
turkce
February 13, 2021 at 4:55 pmLike!! Really appreciate you sharing this blog post. Really thank you! Keep writing. Kimberlee Glenn Antonella
turkce
February 13, 2021 at 5:40 pmHey there. I found your website via Google while searching for a related topic, your web site got here up. It appears great. I have bookmarked it in my google bookmarks to come back then. Leslie Glendon Joice
turkce
February 13, 2021 at 8:42 pmYour story and each line here is completely motivating to others. Your transformation is magical but your hardwork is also there . Felipa Vittorio Schilling
turkce
February 13, 2021 at 11:36 pmHaving read this I thought it was rather informative. I appreciate you taking the time and energy to put this informative article together. I once again find myself personally spending way too much time both reading and posting comments. But so what, it was still worthwhile. Vera Ted Saul
turkce
February 14, 2021 at 2:46 amYou are so awesome! I do not believe I have read through something like that before. So nice to discover someone with a few original thoughts on this subject matter. Really.. many thanks for starting this up. This web site is one thing that is required on the web, someone with a bit of originality! Lian Parke Colline
turkce
February 14, 2021 at 5:29 amWhat a information of un-ambiguity and preserveness of precious familiarity regarding unexpected feelings. Shirlee Bent Pagas
turkce
February 14, 2021 at 12:51 pmI am in fact grateful to the holder of this site who has shared this wonderful post at at this time. Kirby Branden Elora
turkce
February 14, 2021 at 2:32 pmThanks for your marvelous posting! I really enjoyed reading it, you might be a great author. Trudie Munmro Lucienne
turkce
February 14, 2021 at 3:55 pmSome genuinely nice stuff on this internet site, I enjoy it. Shayne Chilton Vander
turkce
February 14, 2021 at 9:28 pmNice response in return of this matter with real arguments and describing everything concerning that. Maire Elvin Wincer Christean Meryl Oletha
turkce
February 15, 2021 at 6:09 amI must point out my passion for your kindness giving support to women who require help with this idea. Your special commitment to passing the message all-around came to be certainly significant and has regularly encouraged folks like me to arrive at their objectives. This valuable recommendations can mean a lot to me and substantially more to my office workers. Regards; from each one of us. Jenine Ody Goodrich
turkce
February 15, 2021 at 8:28 amPretty nice post. I just stumbled upon your weblog and wished to say that I have truly enjoyed surfing around your blog posts. After all I will be subscribing to your feed and I hope you write again soon! Delia Whit Mariande
turkce
February 15, 2021 at 9:44 amI view something really interesting about your web blog so I bookmarked . Tracy Saunders Andryc
turkce
February 15, 2021 at 11:09 amAdmiring the time and energy you put into your site and detailed information you offer. Meryl Erskine Marylinda
turkce
February 15, 2021 at 3:00 pmI have to convey my gratitude for your kind-heartedness supporting folks who require assistance with that niche. Your special commitment to getting the message all through appears to be wonderfully interesting and have frequently helped guys and women like me to realize their endeavors. Your new invaluable guidelines implies much a person like me and even further to my office colleagues. Best wishes; from all of us. Doralynn Caleb Crandall
turkce
February 15, 2021 at 9:51 pmHey Lo, I really enjoyed reading your blog and thought you did an amazing job of portraying yourself and your passion for self-expression and art! As someone who might possibly be the least artistic person on the face of the Earth, I have grown a great appreciation for those who can find and display beauty in anything, especially through photographs! I too miss playing sports, the structure was always nice a consistent schedule while doing something that I was truly passionate about was very beneficial for me growing up! Gabriel Saul Graves
erotik
February 16, 2021 at 5:04 amI blog frequently and I truly thank you for your information. Your article has really peaked my interest. I will bookmark your site and keep checking for new details about once per week. I subscribed to your RSS feed as well. Lulita Simone Elodia
erotik
February 16, 2021 at 8:17 amHello. This article was extremely remarkable, especially since I was searching for thoughts on this issue last Tuesday. Violetta Correy Dena Malorie Cross Fawna
erotik
February 16, 2021 at 10:25 amEvery once inside a even though we decide on blogs that we study. Listed below are the most current web-sites that we pick out Ilse Nial Giulio
erotik
February 16, 2021 at 12:17 pmThis is my first time pay a quick visit at here and i am in fact happy to read all at single place. Tiphani Red Care
erotik
February 16, 2021 at 2:30 pmThere is perceptibly a bunch to know about this. I suppose you made some good points in features also. Alameda Jean Neville
turkce
February 16, 2021 at 5:07 pmI was reading some of your blog posts on this website and I believe this web site is rattling informative! Retain putting up. Thelma Irwinn Gaskins
turkce
February 17, 2021 at 6:12 amI got what you mean,bookmarked, very decent internet site. Maris Garey Etoile
erotik
February 17, 2021 at 12:00 pmVery nice post. I just stumbled upon your weblog and wished to say that I have really enjoyed surfing around your blog posts. After all I will be subscribing to your rss feed and I hope you write again soon! Benita Elnar Coffeng
샌즈카지노
February 17, 2021 at 1:54 pmI think this is among the most vital information for me. And i am glad reading your article. But should remark on some general things, The site style is great, the articles is really great : D. Good job, cheers Lindsey Delbert Pegeen
Sgfirmlaw
April 30, 2022 at 1:47 pmThank you Lindsey!
erotik
February 17, 2021 at 4:19 pmThis message has actually been very satisfying to check out. Your opinions and also thoughts on this subject are appealing. We see points in a different way, but you wrote in such a way that I might have altered my very own point of views. Thanks for giving this information and also providing me a new perspective on it. Will certainly read much more in the future. Guenevere Lazar Patience
erotik
February 17, 2021 at 5:39 pmThank you ever so for you blog article. Much thanks again. Cool. Steffie Corbett Sikes