Many family business owners in Nevada take pride in their accomplishments. Not only do their businesses offer goods and services to customers, they create jobs and income. While some owners hope that their companies will continue to provide these things for generations to come, others may wish to sell their businesses and allow heirs to use their legacies to pursue different dreams.
This is why it is so important for business owners to be very careful in their estate planning. Poor planning, or no planning at all, can harm a business via unexpected tax liabilities, operation struggles and even triggering family discord. Even if a business owner directs that the business be sold after his or her death, legal loose ends can make this sale challenging and less profitable than it might have been otherwise.
In addition, it is important for company owners to periodically review their existing estate plans and plans of succession. This is because the nature of the business, as well as family dynamics and even tax laws, can change. By periodically reviewing the plan, a business owner has the ability to make necessary revisions to ensure that his or her desires are honored even after death.
Speaking with an experienced estate planning attorney, particularly one who is knowledgeable about business succession planning, may be a good idea for a business owner. A lawyer might be able to review the client’s business in the context of current tax and estate laws. In addition, an attorney could help develop strategies for addressing interfamily concerns about the continued ownership and management of the enterprise.