A “no contest clause” can deter litigious family members from dragging your estate and family to court, which could deplete your estate’s assets.
Whether you have a minority interest in a privately held company, are a member of a partnership, or are operating a sole proprietorship, as a business owner you have special estate planning concerns. Consider the following:
How will my death or incapacity impact my business?
Do I have a succession plan in place to ensure operations continue?
How will my business interest pass to my heirs?
Will my business need to be sold at my death?
Will my partner(s) be able to purchase my interest from my estate?
A lack of thoughtful business succession planning can create significant stress and conflict for your business partners and heirs, have a drastic impact on your business’s value, cause significant tax consequences, and even force a sale or shut-down of what could have otherwise been a significant asset of your estate. Alternatively, a well-planned and executed business succession plan can provide a significant legacy to carry out your personal, professional, and family goals.
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