#284 | Elizabeth Schlesinger; Estate Planning, Rights of Children, Wealth Transfer
The Vance Crowe Podcast
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Family Business Succession Planning
Family business succession planning is a really big part of our practice and something that requires a sophisticated estate plan to accomplish. If one business owner has partners, for example, who are outside of the family, the business may be structured with some kind of by sell agreement or cross purchase agreement because the other partners may not want to be in business with somebody's spouse or kids. Some people have life insurance policies, for instance, to provide liquidity to pay for a buyout of their partner. So if you are a business owner with someone outside of your family, something to think about is, do you want the whole business yourself or do you plan on being in business with this person's spouse or children
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