Elder Law Report

Maximizing Your Business Potential: The Benefits of Estate Planning for Business Owners

May 13, 2023 Greg McIntyre, J.D., M.B.A.
Elder Law Report
Maximizing Your Business Potential: The Benefits of Estate Planning for Business Owners
Show Notes Transcript

Attention all business owners!  Are you aware of the unique challenges your business can face when it comes to estate planning?  Estate Planning Attorneys Brenton Begley and Greg McIntyre have got you covered!  Check out their informative video now to learn more about the special considerations and planning strategies to protect your business and preserve your legacy. 

Schedule your FREE consult today!



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Speaker 0 (00:00:00) - Please don't wait till it's too late. Col McIntyre Elder Law.

Speaker 2 (00:00:12) - Well, today we are answering the questions. Should business owners engage in estate planning? Well, Greg McIntyre and Bri Begley from McIntyre Elder Law joins us today. Business owners, should they engage in estate planning,

Speaker 3 (00:00:24) - Business owners especially should engage in estate planning because you have an asset, an ownership interest in the business. And the question is, what's going to happen to that interest and how, so you can draft operating agreements for LLCs, you can have bylaws for corporations, and they can indicate how your ownership interest or another business owner who you're in partnership with their ownership interest is going to pass if you pass away. And there's many other ways, Eugene, to pass those interests as well and protect them.

Speaker 2 (00:01:02) - So I'm, I'm wondering, is there any type of situations that business owners can get into that they must need to avoid?

Speaker 3 (00:01:07) - You

Speaker 4 (00:01:08) - Know, I'd, I would say setting up the business without setting up the rules of the game. If you have no, uh, document that controls how the business is to function, how the partners are, are to, uh, you know, treat each other how, how to vote on big decisions, things like that, uh, then you're really setting yourself up for failure. And you want to also put a plan in place for what would happen if one of the business owners passes away. Right. You don't want, uh, that interest going through probate and holding up the operation of the business if one of the owners passes away.

Speaker 2 (00:01:40) - So this, uh, sounds so similar to almost estate planning for just any individual. Correct.

Speaker 3 (00:01:45) - It is a part of estate planning and it's called business succession planning. So in business session planning, Eugene, if you and I are both members of an llc, we both own it 50 50. Okay. I might have a keyman life insurance policy that's gonna buy your heirs out. Gotcha. Right? Mm-hmm. . So it's gonna pay them off and vice versa. We need to maintain that and we write that in a buy sell agreement that says if I die, your, my keyman life insurance policy is going to buy out my spouse because, you know, she's a nice person, but you don't want to be in business with her. Okay. And a lot of people do find themselves in business with some a, a partner's spouse Wow. Or their kids. Right. And so you can prevent against that. It's really for the protection of the business and for the individual and the family.

Speaker 2 (00:02:38) - So are there any other issues that business owner should consider when they're talking about estate planning?

Speaker 3 (00:02:43) - You know, I, I do think bylaws, uh, or articles or organization and just think about those things. Hey, do I wanna be in business with people that I did not enter the business with?

Speaker 4 (00:02:53) - Yeah. In taxation, that's a big one too. You know, if, if, uh, if you're looking at, you know, really planning, um, for the future at all, you really wanna look at taxes and, and their effect. Uh, and that's a especially, um, you know, prevalent for business owners, um, or anyone who is gonna, you know, have that income coming from a business, um, and pass that on to the next generation. So how

Speaker 2 (00:03:16) - Do they get started? They come see you? What, what's the process for a business owner to come see you? To get started,

Speaker 3 (00:03:22) - You know, Eugene, we would offer a free consult to sit down and talk about your estate, your business ownership. Uh, I sit down with multiple owners of businesses, you know, and we all put it together a plan either for the individual or the business owners as a whole.

Speaker 2 (00:03:42) - It seems like a lot, but this is something that you guys handle on the regular Correct.

Speaker 3 (00:03:45) - You know, it's, it sounds complex, but it's, it's really the function of it is fairly simple. We just need to understand what your wishes are so that we can put the right plan in place for your business and your family.

Speaker 2 (00:03:58) - Okay. You mentioned a free consult. Where could people get more information and where can they get that free consult?

Speaker 3 (00:04:03) - Give us a call. 1 8 8 8 9 9 9 6600 or go online to schedule@mcelderlaw.com. Alright, so

Speaker 2 (00:04:11) - Whether it is, uh, state plan for individual or business, you got them covered,

Speaker 3 (00:04:14) - Correct? We got you covered. That's right

Speaker 2 (00:04:16) - Indeed. Thank you

Speaker 3 (00:04:16) - Very much. Thank you.

Speaker 0 (00:04:18) - Please don't wait

Speaker 0 (00:04:28) - Is we our things get, get slow. Tomorrow's never promise. Today. Don't get too busy. Let it off. Slip away. Please don't wait till this to let it come back in. Elder Additional planning or more complex, we can help when your perplex, if a loved one needs long-term care, we can help avoid some of the scare. Please don't wait till this too late. Call back inside Elder State planning benefits and even probate. We take the planning piece of your plane. If you were your spouse, were in the military, we can help benefits for your family. Please don't wait too.