Family Wealth Ideas: Estate Planning for Small Businesses
Q: What is the most important issue in estate planning for owners of small businesses?
A: The most important issue is one you can probably relate to---personnel. Who should own your business and who should run your business if you are unable to run it or have died? You should plan the answer to those questions regularly. And then communicate what you think are the best solutions to your family and your advisors. Don’t make them guess. For more thoughts on this issue see our monograph.
For answers to your question about protecting and preserving your family's property:
Karen Stern, Partner in Charge, Entrepreneurial Services Group
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