Estate Planning Pitfall – You don’t have a succession plan for your business
Abstract: For business owners, estate planning and succession planning go hand-in-hand. Owners of closely held businesses typically have a significant portion of their wealth tied up in the business. Those who own a business, yet don’t take steps to ensure that it lives on after they’re gone, may be placing their family at risk. This article shows why an effective plan should address management succession and ownership succession.