What estate planning do I need to consider if I am a business owner?

Minnesota estate planning attorney Karen Schlotthauer explains the various things a business owner must consider in the estate planning process.

Contact Karen Schlotthauer

Email: [email protected]

Phone: (612) 336-9324

Transcript:

If I have a business, how does that impact my estate-planning process? If you’re a business owner, it’s very important to get in and review your will if you have one or to meet with an estate planning attorney because generally there’s special planning provisions that have to take place to handle that business asset, whether you’re incapacitated or at the time of your death. You may want to talk about who will take over that business in the event of your death? There might be family members who are currently working with you as a business owner. There might be some family members that are working with you and other family members that are not. And so there’s lots of different issues and considerations that we have to discuss to get the proper planning done.