Tag Archives: small

Is There an Estate Planning Solution for Small Business Partners?

Many people drag their feet when it comes to estate planning, because they do not know where to start. They recognize the need for a plan, but they have questions, and the matter seems complicated. This can be true for anyone, but it is especially true for small business partners. If you are a partner in a small business, you may face a somewhat difficult estate planning scenario. What would happen to your share of the business after you pass away, and how do you see to it that the liquidity is spread among your surviving family members? This is just one question, but the next question would be this: Where would liquidation of your share leave the surviving partners? A buyer could come along, and the intentions of the buyer may not be consistent with the wishes of the surviving partners. Without question, this is a tricky situation. However, there is an estate planning solution that is often implemented called a buy-sell agreement. Insurance Proceeds Insurance policy proceeds are at t