Q: How does buying or selling a business affect my estate plan?
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 your Personal Family Lawyer® to learn more.