What do I need to know about estate planning as a business owner?
Nutley, New Jersey estate planning and probate attorney, Brad Micklin, discusses estate planning, specifically for business owners.
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I think the most important thing a business owner needs to know about estate planning is what does he or she want to happen with the business after they’re not with us, commonly called success planning or succession planning. You’ll need to know first if there’s going to be a partner or another person that’s interested in the business or currently involved in the business that may want to take control of it. And if there’s not, you want to find out if there’s going to be an heir or somebody that you know that’s going either be able to continue the business or to liquidate it at a fair value so that your life’s work really does live beyond you.