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