Estate Planning for Business Owners

Business ownership adds a layer of complexity to estate planning. To avoid problems with the transfer of your business after your death, or tax consequences that could negatively affect your family or the continuity of the business, strategic planning is essential.

Oliver Law, P.C. works with you to create an estate plan that takes into account your goals for the future of your business. For nearly twenty years, attorney Robert P. Oliver has dedicated his career to estate planning, including tax planning and estate planning for business owners. His concentration in these areas of practice has equipped him to plan for complex estates that include a business or a business interest. To learn how Oliver Law, P.C. can assist you with planning for your business and personal assets, contact us to schedule a consultation.

Common Issues When Estate Planning for Business Owners

Most business owners have a business attorney, accountants, and other financial professionals who serve the needs of the company. A business owner’s estate planning attorney must be able to coordinate with these professionals to ensure an effective disposition of business interests and assets, and to minimize tax burdens both on the business and the business owner’s heirs.

Without a properly designed estate plan in place, a number of unintended consequences could arise, including:

• Lack of clarity as to who should operate or inherit the business in the event of the owner’s incapacity or death, leading to disruption and potentially, failure of the business
• Depending on the structure of the business, unintended individuals could take control of a company, or surviving business partners could find themselves partnered with heirs of a deceased owner who are unqualified or not interested in business operations
• Conflict regarding ownership transfers or business decisions
• Unnecessary exposure of business assets to creditor claims
• Inclusion of business assets in the taxable estate of the deceased owner, creating or increasing estate tax exposure
• Need for the business or business assets to go through a lengthy probate or estate administration process
• Loss of privacy regarding business assets and debts

Working with an attorney who understands the unique challenges of estate planning for business owners ensures that your business and personal financial goals are aligned.

Attorney Bob Oliver’s constellation of experience with high net worth estates, tax planning, and estate and trust administration uniquely positions him to plan effectively for his clients. He regularly coordinates with financial professionals and other business advisors as needed to create comprehensive, customized estate plans for business owners.