Moore Law Firm

Moore Law Firm

9949 W. Bell Road
Suite 201
Sun City, AZ 85351
Contact Us For A Courtesy Consultation
623-207-9153

Addressing a business in an estate plan

Generally speaking, the more assets an individual has the more detailed his or her estate plan needs to be. The same holds true when there are multiple heirs in play. While most people focus on divvying up their personal property, familial home, and bank and retirement accounts, others need to consider matters such as what to do with a business. If this matter isn't appropriately addressed, a business can be susceptible to poor ownership and management.

This is why succession planning can sometimes prove beneficial during the estate planning process. Through succession planning, an individual can name who will take over a business in the event of death, thereby ensuring that the business continues to run smoothly. Engaging in this practice forces an individual to carefully consider who is best to take ownership of a business through careful analysis of skills and talents.

Of course, exactly how succession will be accounted for depends on the circumstances at hand. A sole proprietorship may be left to an heir or multiple heirs, while a partnership may be dealt with through an insurance policy. In the latter scenario, an individual obtains a life insurance policy that names the other partner as a beneficiary. Therefore, if the policy holder passes away, the other partner can obtain the funds necessary to purchase the other half of the business.

When businesses become a part of estate planning, careful attention to detail must be undertaken. Those who own a business certainly shouldn't hesitate to create a strategy to ensure that their business and their loved ones are taken care of in the event of death. Legal professionals who are skilled at estate planning can assist these individuals with all of their estate planning needs.

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I got the family trust updated.
I was very pleased with the expertise and professionalism exhibited by your staff in serving my needs.

I needed to review my Will, recommended by my son.
Mr. Farrer’s expertise helped me realize that a Trust would better serve my needs.
The staff and Mr. Farrer were very professional and friendly (not cold). Thank you. Very comfortable atmosphere.

Our legal documents were outdated due to time and circumstances.
The staff at Moore Law Firm worked with us to develop a trust and other legal documents which meet our current as well as our future needs.
The staff at moore law firm were so professional, knowledgable and friendly to work with. They worked beyond to accomodate our needs. Thank you all.

Moore Law Firm
9949 W. Bell Road
Suite 201
Sun City, AZ 85351

Phone: 623-207-9153
Phone: 623-207-9153
Fax: 623-977-7237
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B.Moore Law Firm