Death is a common trigger of an involuntary transfer. Without a trigger, a person’s death does not sever their interest in the business. The heirs of an owner that is a person will be identified by his or her will or by the statute. Such heirs will take over ownership of his or her shares and become your partners. Click here to watch our bite-sized bits of knowledge video series on estate planning (and probate) to learn more about that. From our experience, you want to avoid having third parties who are not interested, qualified or desirable to be your partners. In lieu of this result, you will often see a buy-sell provision which is usually funded with life insurance to ensure that the deceased partner’s estate/trust receives fair consideration in exchange for its shares.
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Protect your family, assets and business, and gain the peace of mind of knowing you’re prepared and in control. You may feel apprehensive about estate planning, but it doesn’t have to be this way. We’ll help you achieve your estate planning goals and ensure you feel accomplished and confident. With our 4-step unique proven process, leaving a legacy you can be proud of is easier than you think. The alternative can mean significant taxes, court, costs, conflict (litigation) and a host of unpleasant and destructive surprises. Call us to get started today at 954-228-3369.
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