How do I prepare for my company’s transition in my estate plan?
Business owners should prioritize estate planning to ensure that their business, assets, and legacy are protected and properly managed in the event of death or incapacitation. Unlike personal assets, a business often involves complex ownership structures, substantial investments, and key relationships with stakeholders, employees, and customers that could be jeopardized without a clear succession plan. An estate plan allows business owners to designate successors, detail the distribution of business assets, and establish protocols for handling operations, minimizing potential disputes among heirs or business partners. It also provides a smooth transition, which can be essential to maintaining customer trust, preserving employee morale, and sustaining the business’s market value.
ACTEC Fellows share their expertise and strategies regarding trusts, gifting, protecting assets from creditors, and ensuring that business owners’ wealth is transferred according to their wishes with minimal legal complications. This proactive approach safeguards the owner’s legacy, supports family members or other beneficiaries, and helps protect the business’s long-term stability.
Estate Planning Videos For Business Owners
ACTEC Estate Planning Essentials is a comprehensive resource provided by the American College of Trust and Estate Counsel (ACTEC) that offers guidance and information on various aspects of estate planning.
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A Primer on the Corporate Transparency Act (CTA) for Business Owners
Experts explain the Corporate Transparency Act (CTA) and legal requirements for business owners to report Beneficial Ownership Information (BOI) to FinCEN.
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Estate Planning for Freelancers and the Gig Economy
Explore estate planning for freelancers and gig workers. Learn about tax planning, creating a will, asset management, planning for incapacity, and more.
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Estate Planning Considerations for Small Business Owners
Small business owners need to plan for their company’s transition in their estate plan. Understand the impact of state laws, beneficiaries, estate taxes and more.
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Gift Tax, the Annual Exclusion and Estate Planning
Understand when gift tax comes into play, how the age of the recipient impacts gift tax, efficient ways to transfer property, split gifts, the annual exclusion and more from estate planning experts.
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What is Portability for Estate and Gift Tax?
An explanation of the portability of the estate and gift tax exemption and what to consider if electing to use it.
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When Should I Use My Estate and Gift Tax Exemption?
Learn about the significance of gift tax exemption and estate tax exemption when considering a lifetime gift in estate planning.
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Life Insurance Policies and Estate Planning
A general overview of the risks and rewards associated with term and permanent life insurance policies and factors to consider in choosing the right policy.
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Understanding Life Insurance Policy Ownership
Answers to your life insurance policy regarding ownership, insurance options, an explanation of irrevocable life insurance trust and more from an estate expert.
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When and How to Use a Prenuptial Agreement?
Experts explain a prenuptial agreement, aka premarital agreement, why you should consider one, when to discuss it in the marriage planning process, and more.