Succession planning can be an exciting, satisfying process for owners of closely held businesses, but it also involves difficult issues that must be tackled head on. One of the major challenges that entrepreneurs encounter is determining the best way to pass on the ownership of their business to their children or other heirs.The business owner can choose any number of methods of transferring ownership of a company, while simultaneously minimizing gift and estate taxes and probate costs.
The state of Delaware has long been one of the most favorable places to establish a business. But what many business owners don’t recognize is that Delaware can also be a good place to create a personal trust for estate planning or asset protection purposes, even if neither the business nor the business owner resides in Delaware.
You’ve worked long hours—month after month, year after year— to establish and grow your own family business. In fact, perhaps you’ve worked so hard that you haven’t had much time to plan either for the business’s future, or your own.But the good news is that proper estate planning can help ensure that your business is preserved for future generations and that you and your spouse live comfortably after you retire.