Our above headline leading off today's post certainly doesn't apply to all -- or even most - Massachusetts estate planners. Indeed, the majority of individuals in the Bay State and nationally work for businesses they themselves do not own.
Having said that, though, the enduring American entrepreneurial spirit virtually ensures that many people do strike out on their own commercially. And many of them succeed in their business creations through creative smarts and sweat equity.
If that describes you, the estate plan you seek to craft to promote your personal interests and those of your loved ones and future family members should definitely spotlight your business. Foremost, it should focus on a foresighted strategy that promotes what you optimally seek from it.
For some people, that is a passing of power and title to designated successors who will focus on long-term viability. Other planners contemplate business termination on terms that will best benefit heirs and beneficiaries.
Of course, every situation is different. Some business owners see their enterprises as performing very specific functions and having legacy-tinged identities.. A tailored estate plan can advance that strategy in a given case.
Timely and careful planning can also help ensure that potentially adverse tax implications are legally mitigated to the fullest degree possible. Trusts and other planning tools can be used to further that objective.
Yet another important outcome achieved for many individuals focused upon business succession concerns is the avoidance of probate that can be realized from the implementation of smart succession planning.
Every case is different, of course. An experienced estate administration attorney can provide guidance and proven representation across a wide universe of planning goals and concerns.