Weaving Your Business Transition and Estate Plans Together

Business transition plans and estate plans, though similar, are not identical creatures. If you are a business owner, your business transition plan should allow you to step away from your business in the manner you desire. Your estate plan, on the other hand, will give you control over your estate in the event you become incapacitated or die. When you create either a business transition or estate plan, both of these plans need to recognize the choices you make in the other. Weaving the different tools together to give you comprehensive protection is something that can take time, careful consideration, and regular updates. Today, we re going to look at what these two plans are intended to accomplish, and how they do it together. Business Transition Planning Whether you own or operate a small business, large business, or anything in between, planning on stepping away from the day-to-day operations is something that many people find difficult. When your business is so ingrained in your d
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