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Estate Planning Considerations for Small Business Owners
September 17, 2019
Start with the basics
- Will / Trust -POA for Property and Health
- TOD/POD/Beneficiaries on all accounts/retirement
- Life insurance
"Avoid Probate / Tax -inheritance tax
- Federal 40% tax rate for estates over $11.7 mil / $22 mil for married couples
- State (IL) 16% tax rate for an individual estate over $4mil
- Proper estate planning will keep you out of probate court and can shelter your assets from tax
- Structured trusts -can put your business into trust (certain requirements for licenses professional biz)
Buy-Sell Agreement
- Provides for how owners interest/shares will be valued upon death
- Can provide for a lump-sum payment to heirs without having to become involved in the management
- Solo owners will want to add heirs onto accounts or put into trust in order for heirs to wind up the business / have access
- Well written operating or shareholder agreements can also include these terms
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