Q I founded my own business and two of my children have already become involved in the day to day operations. Do I really need to think about business succession planning?
Yes. Succession planning is not just about preparing a will or a trust. It is not even about deciding who will run the company when you die. Succession planning documents can provide the protection your company needs to combat business risks, but they can also protect your estate against any future estate taxes. Further, it is equally as important that you, the benefactor, are protected during your lifetime. Succession planning works hand in hand with estate planning to provide that protection.