Articles Tagged with Business Succession

reviewing-document-300x300Most people only think about estate planning in terms of their personal assets, but what if you own or co-own a business? How does death affect the business? More importantly, what kind of business succession planning do you have in place to deal with your sudden or unexpected death?

Perhaps not surprisingly, most Wisconsin business owners have not done any succession planning. Some people assume the business simply dies with them. Depending on how you structured your business, however, that is not necessarily true. Even if the business is simply you, and you never created any separate legal entity, there will inevitably be certain matters that need to be wound down upon your death.

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Including a Business Succession Plan in Estate PlanningOwning and operating a small business is the dream of many Americans. Through hard work and dedication, this dream comes true for many people. Unfortunately, if the small business owner becomes incapacitated or dies without a Business Succession Plan, all of the hard work by the small business owner could be lost. Having a Business Succession Plan as part of your estate plan ensures that the business you worked so hard to build will continue to operate even though you are unable to manage the business.

 

Important Reasons Why You Need a Business Succession Plan

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