The Cash Flow Contractor 257 - Protect Your Legacy: Estate Planning for Business Owners with Marty Cain
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May 29, 2025 Marty Cain, an estate planning attorney in Norman, Oklahoma, specializes in aiding business owners to protect their legacies. He emphasizes the importance of estate planning in safeguarding families from financial burdens and outlines how trusts can provide greater control and privacy. Marty explains the pitfalls of probate and the critical need to properly fund a trust. Listeners learn about asset management, guardianship for minors, and the essentials of effective estate documentation. His insights are essential for anyone looking to secure their family's future.
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Estate Planning for Business Owners
- Business owners deeply identify with their businesses, viewing them as their "baby."
- Estate planning must address disabilities and ensure smooth business continuity or sale upon such events.
Inventory and Title Assets
- Create an inventory of all assets and understand how they are titled before beginning estate planning.
- Properly titling assets in your trust ensures they're managed privately without court involvement after death or disability.
Avoid Probate with Trusts
- Avoid probate to prevent lengthy, expensive legal processes and financial detective work for loved ones.
- Use trusts to transfer and manage assets privately and efficiently after death.