We Listen.

Family Business Owner?

A Few Questions for Planning For Family Business Succession

Some family conversations are too important to put off

ð       1. Do you have an estate plan including a will, power of attorney and a living will?

ð       2. Do they specifically include powers to deal directly with real estate and closely held business investments?

ð       3. Is your will up to date? Has it been revised and updated within the last 5 years?

ð       4. Do you have a family business transfer plan or exit strategy that has been reviewed with your lawyer and accountant within the past 5 years?

ð       5. Have you evaluated all the different business entity options for your operation?

ð       6. Do you have a working relationship with your attorney and other key professionals like an accountant and let them know your most up to date goals and objectives for you and your business?

ð       7. Do you have adequate medical, disability and life insurance coverage to accomplish your goals and objectives?

ð       8. Have you conveyed your goals and objectives to your family members, business team and employees?

ð       9. Have you ever held a family meeting?

ð       10. Are you planning for your children’s or grandchildren’s educational needs and your retirement and are these savings protected outside of the business assets?

ð       11. Do family members or your business partners know the location of all important documents?

ð       12. Have you considered a digital vault for your documents and passwords?

For more information on family business succession planning read our article “Will Your Family Business Die With You?” 


By: Estate and Trust Attorney’s David M. Frees

Unruh, Turner, Burke & Frees Attorneys At Law

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