Protection for Business Owners
Does a business you own go through the probate process?
Yes, all assets, including business assets, must go through probate (unless the assets allow for the naming of beneficiaries). If your business has one or more co-owners you might consider establishing an agreement, that upon death of any owner, their interest is automatically purchased by the other owner(s). However certain trusts can be established during your lifetime that will allow any subsequent growth to pass outside of your taxable estate. It is important to consult with an attorney about your specific circumstances, and learn more about the following estate planning tools…
- Grantor Retained Annuity Trust (GRAT)
- Grantor Retained Uni-trust (GRUT)
- Succession Planning
- Ownership Transfer
Becoming a business owner is a great achievement, one that should be honored even after the primary owner is no longer involved. Please visit our contact page to give us a call, and let us help you establish the proper safeguards for your business.
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