If you’re a business owner, you need a plan in place for what happens when you die. This isn’t just about you — it’s about your spouse, kids, employees, and the future of what you’ve built.
Here’s what to consider:
• Who will take over the business?
• Is one child getting the business while others get life insurance payouts or other assets?
• How will your surviving spouse be cared for financially?
These are tough conversations, but they’re absolutely necessary. Sometimes, it’s better to sell the business to someone who knows what they’re doing. But if your goal is to pass it down, make sure you have a business continuation plan and a revocable living trust in place.
We help clients every day structure these plans so that what they’ve built doesn’t fall apart after they’re gone.
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