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Family-Owned Businesses

As a business owner, it is likely the majority portion of your family's wealth and survival id dependent on your family business.  As a result, the success of your estate plan is extremely dependent upon your business transitioning to your spouse or children should you pass away or sold to someone in order to distribute the amount to your family for their survival.

Ownership to a business can also be transferred through a living trust.  In order to do this, the business owner(s) must transfer their business from their name to the name of the trust, they can then name a trustee to manage this property and carry out their wishes according to the business.  The owner would manage the property throughout their lifetime and upon death, the business would be handled according to the owners wishes.

It is important to prepare an effective estate plan in order to meet these goals and to avoid estate taxes if possible.