VanNess & VanNess, P.A.

Keeping a business alive after the owner dies

Business owners often have a good idea of who they want to run the company after they pass away. However, these plans may go for naught if they not written down. Estate planning tactics may make it possible for Florida business owners to ensure that their companies survive after they are gone. By using a limited liability company or limited partnership, those who run a company may be able to reduce taxes owed when transferring it after death.

Aside from the tax advantages of estate planning, it may be possible to train and develop successors to the current owner or owners. In some cases, it may be possible to create a plan that will keep key employees around after an owner dies. Succession planning may take many years to carry out, so it may be best for someone who runs a company to create that plan as soon as possible.

Buy/sell agreements can be important when there is more than one owner. This makes it possible for surviving owners to automatically buy the share left behind by the deceased partner. Furthermore, there is generally no need to worry that family members or others will become owners unless an individual intends for that to happen.

Having an estate plan may make it easier for asset distribution to occur in a timely manner. It may be possible to put assets in a trust, which allows assets to be held outside of an estate. Assets held in a trust do not need to go through probate, and they generally don't count toward the value of an estate for tax purposes. An attorney may be able to help an individual create a trust or other estate plan documents as needed.

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