Nobody Needs an Estate Plan, Exit Plan or a Buy-Sell Agreement
But their families and survivors do.
Estate plans are done so that the remaining family members can have liquidity, minor children will have guardians of your choosing with a dependable cash flow, children won’t fight [much] over the money, people of your choice will collect and distribute assets and make transfers in an orderly manner and estate and inheritance taxes can be minimized as can the costs of settling the estate.
Succession or transition plans don’t matter for the person that drops dead, but not having things in order is very unfair to your family or those that work in the business or who depend on it. There also can be mucho costs to wind down a business and close it up. And, possibly the owner won’t drop dead, but will become disabled and would need cash flow from the business. Then, they would be really be screwed and by their own doing!
A buy-sell agreement is a will for a business. If an owner drops dead or suddenly is disabled, the lack of an agreement will cause fights between the remaining owners and the dead owner’s family. Not “may” cause, but “will” cause.
Selfish self-centered boors don’t protect their families by setting things up so that there will be a minimum disruption during a usually upsetting period.
You are getting ready to start a new year… start it right. Get your affairs in order.
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