California Estate Planning Attorney Explains Business Owner Estate Plans May Have Blind Spots

Many California business owners have a plan for their children and grandchildren to continue to own and operate the business after their death. But a surprisingly small number of them have provisions in their California estate plans to allow for a smooth transfer of the business and protect its assets from lawsuits and judgments.

Handing down a family business isn't just a matter of titles. An effective succession plan needs to be integrated into an estate plan. That is where a certified estate planning specialist, working in conjunction with your accountant, financial advisor and business attorney, can ensure that your estate plan not only provides for your family after your death, but protects the assets of your business from wealth transfer taxes.

Your estate planning attorney can create an estate plan that minimizes the taxes that, if not properly planned for, can force your heirs to sell some or all of your business to pay the wealth transfer taxes. Sadly, only 27 percent of business owners surveyed in the "Protecting the Family Fortune" survey conducted in 2007 by Campden Media and Prince & Associates, Inc. had provisions in their estate plans to cover wealth transfer taxes, though more than 90 percent identified it as a priority.

California estate plans can contain sophisticated measures for this such as estate freezes and discounts, or they can use more simple techniques such as life insurance outside of the estate to pay estate and wealth transfer taxes. Why this disconnect? One theory is that many of the businesses have outgrown their business advisors. The advisor who served them well at $10 million in revenue may not be capable of handling their affairs properly at $500 million. If he or she is unwilling to bring in specialists, such as estate planning attorneys, their clients may be ill-served. Often the business owner sees the accountant, business attorney, estate planning attorney, business coach and other advisors as separate functions, which may lead to them working against each other, instead of working in tandem.

Sit down with your estate planning attorney and review your business succession plan and estate plan together. Allow him or her suggest ways to marry the two plans to accomplish your goal of succession without a major tax bite.

If you would like more information about how business owner estate plans may have blind spots, check online for comprehensive resources for personal wealth management solutions for personal wealth management solutions through estate planning, wills, and revocable trusts.

Whether your estate planning goals are immediate or long-term, a qualified California estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.

About the Author:
Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration.Visit www.EstatePlanningSpecialists.com or www.linkedin.com/in/kevinvontungeln to learn more.

Article Originally Published On: http://www.articlesnatch.com

Tags: California estate plan

, estate planning attorney

, certified estate planning specialist

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