When a family business owner dies, the consequences can extend far beyond the emotional loss.
Without careful succession planning, families may face uncertainty over ownership, management, income and estate liquidity.
Sarah Love stresses that succession planning should begin well before it is needed and involve both spouses, helping protect the business and family wealth through changing circumstances.
A structured fiduciary plan can provide greater certainty and help ensure the business continues supporting future generations.
Read the article here.
Sarah Love, CFP® FPSA® TEP, is a director at Private Client Trust.