Business Succession Planning
Lake Forest, IL Estate Planning Attorney Rick Lesser answers the question, “What types of issues should family-owned or closely held business owners address in their planning?”
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Well, first of all, I think most business owners are better served by using a living trust as the vehicle for estate planning as opposed to a will. I think that’s probably number one. Number two is quite often the business that they’ve built and I’ve built our law firm I understand what entrepreneurship is and how important the business is to the owner who has created this. It is your life’s legacy, it is your life’s work, its of great importance that you want to pass it on to your children or grandchildren or any other person that yu chooses in a matter that’s going to be seamless. That’s going to be as simple, easy, cheap, and efficient as possible.
When we create a business succession plan and a trust or a will and powers of attorney are all part of that plan. It’s not one document it’s multiple documents. We do our best to try to envision how to make this happen in a cost effective manner but also we want to keep in mind that many business owners have other children or spouses or other people out there that they want to benefit as well. And we need to find some manner of both passing on the business in an intact manner but also to provide some benefit for other people in the client’s life.
And I think that in order to have a successful business succession plan you have to look at that whole perspective in order to craft a workable plan.