How Does Buying Or Selling A Business Affect My Estate Plan?

QUESTION

A lot of people ask this question: how does buying or selling a business affect my estate plan? Well, we’ve got an answer for you!

ANSWER

If you are buying a business, you’ll want to ensure your plan is updated to take into account your new assets and put in place a succession plan for the business. Indeed, for every business you own, you should consider creating a buy-sell agreement and a succession plan to protect both your business and your family in case something happens to you.

In your succession plan, you can not only decide who will take over your role as the company’s owner should something happen to you, but you can also provide him or her with a road map for how the business should be run in your absence.

If you are selling a business, you should work with us and your tax professional to take advantage of the numerous tax-savings opportunities that may be available. For example, with the proper planning, you can avoid almost all capital gains taxes—but only if you plan ahead and take action before the sale. If you are buying or selling a business, contact Simpson Law Firm to learn more.

This article is a service of Simpson Law Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. We offer an Estate Planning session, during which you will get more financially organized than you’ve ever been before and we will assist you in making all the best choices for the people you love. You can begin by contacting us here, https://simpsonestatelaw.com/contact-us or calling us at 803-764-9555, and one of our friendly client service assistants will help you set up your consultation.