Skip to content
inexistente

inexistente

Delighting business buffs

Primary Menu inexistente

inexistente

  • Business Opportunities
  • Business Development
  • Business Supply
  • Business Center
  • Business Plan
  • Finance
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Family business should be addressed realistically in estate plan | Estate Planning
  • Business Plan

Family business should be addressed realistically in estate plan | Estate Planning

Shaun H. Ruff July 9, 2022

[ad_1]

Family businesses are the backbone of many families and communities. When the owner of a family business passes away, their loved ones are often the ones who inherit the business.

Sometimes, however, this inheritance does not align with their plans and they aren’t interested in continuing the business. When this happens, consulting with a professional to sort out this part of a person’s estate might be a good idea.

Howard Rabb, managing partner at Dworken & Bernstein Co., LPA in Cleveland, and Julie Taft, partner at Taft Law’s Cleveland office in the private client group, discussed the steps a person may want to take to settle their loved one’s business affairs when they do not want to take it over.

Rabb recommended hiring a business broker in the event that no one wants to take over the family business.

“They would hire a business broker and they would sell the business,” Rabb said.

He noted that in the event that the business is left to more than one heir, the executor of the estate would divide the assets among them.

“The business broker would sell the company on behalf of a probate estate or on behalf of a trust, and that’s how the owner would have held it,” Rabb explained. “When the business broker sells it on behalf of the trust, on behalf of the estate, that trust or that estate – which is a will – is what defines where things go. The executor of the estate or the trustee of the trust would divvy it up.”

Taft explained that when no heir wants to take over the family business, an estate plan might designate the assets upon sale of the business to children or a charity. It is best for the deceased owner to have made these plans prior to their death, she said.

“If you don’t have a plan in place beforehand, whoever is inheriting it is going to have to come up with a plan pretty quickly and meet with attorneys, accountants, what have you, to review the records and help determine the best course of action for a sale,” she said.

The heir or heirs may benefit from meeting with an attorney or an accountant to find out if there is a market for the sale of the business, Taft suggested.

“Find out whether there’s a market for it – depending on what the type of business is, it could be something that’s really easily sellable,” she said.

A growing concern that determines whether there is a market for the business is whether it is easy to keep operations going, Taft pointed out.

The goal is to be fair among all of the heirs, whether or not one or more of them want to take over the business, she explained.

“It’s really a problem that is addressed very well with estate planning and succession planning, where maybe one child works in the business and one child doesn’t, and it’s an age-old issue where you want to be fair to both kids,” Taft said.

In this case, having a plan in place in which one child gains the business and the other receives insurance or other assets could be a good idea, she added.



[ad_2]

Source link

Post Navigation

Previous How To Protect Your Business From Bankruptcy? 5 Easy Tips!
Next How Marketing Can Weather an Economic Downturn

More Stories

Reinvent Your Profession In Five Very simple Actions
  • Business Plan

Reinvent Your Profession In Five Very simple Actions

Shaun H. Ruff July 20, 2024 0
8 Business System Blunders to Keep away from
  • Business Plan

8 Business System Blunders to Keep away from

Shaun H. Ruff July 10, 2024 0
Organization Plans – Your Roadway To Success
  • Business Plan

Organization Plans – Your Roadway To Success

Shaun H. Ruff July 8, 2024 0
May 2025
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  
« Apr    

Archives

BL

Recent Posts

  • How to Plan for Retirement at Any Age
  • 7 Retirement Planning Secrets to Secure Your Future
  • How Tariffs Impact the Economy Explained
  • The 5 Main Types of Tariffs You Should Know
  • Latest Trump vs Biden Who’s Leading in 2024
Intellifluence Trusted Blogger

Tags

"Succeeded His Business" 2 Of Cups Business 525 Business 5 Bankruptcies Accounting Business Letter To Client Att Business Login Bracken Business Communications Clinic business Business Account No Deposit Business Administration Fafsa Business Balance Sheet Explained Business Card Business Card Printing La Plata Business Cards Media Bar Business Card To Secret Website Business Central Png Business Coaching Site Cloudfront Business Contract Lawyer 47201 Business Marketing Pearson Quizlet Business Milleage Leager 18 Business Mobile Broadand Plans Business Plan For Supplement Company Business Plan Loan Originayor Disrupting Digital Business Harvard Ffiec Business Continuity Templates finance Gauge Ear Piercing Business Good Openings For Business Letters Holton Investment Business Indianapolis Business Times Indiana Wesleyan University Business insurance List Business In Search Engines List My Business Yahoo Lunch Susbcription Business Model money Morgan Hill Business Liocense Renewal Nee Small Business Bill Signed Negotiating Business Acquisitions Practical Law Networking Trends Small Business New Business In Shorewood Il personal School Business Officer Being Unethical Small Business Administration Mass Small Business Comunity Small Business Corporation South Africa

Partner Links

tnonlinedivorce
manchesterdepot

links

Chart Your Gyms Way
Innovate Your Logic Novus

BR

thymeagent
SynergeticBizPulse

bp

backlinkplacement.com

You may have missed

How to Plan for Retirement at Any Age
  • Finance

How to Plan for Retirement at Any Age

Shaun H. Ruff May 10, 2025
7 Retirement Planning Secrets to Secure Your Future
  • Finance

7 Retirement Planning Secrets to Secure Your Future

Shaun H. Ruff May 8, 2025
How Tariffs Impact the Economy Explained
  • Finance

How Tariffs Impact the Economy Explained

Shaun H. Ruff May 1, 2025
The 5 Main Types of Tariffs You Should Know
  • Finance

The 5 Main Types of Tariffs You Should Know

Shaun H. Ruff April 29, 2025
Latest Trump vs Biden Who’s Leading in 2024
  • Business

Latest Trump vs Biden Who’s Leading in 2024

Shaun H. Ruff April 25, 2025
inexistente.net | CoverNews by AF themes.

WhatsApp us