You’ve spent years building your business, but how much time have you spent creating a plan to pass your life’s work on to the next generation?
Your legacy isn’t secure without a sound business succession and estate plan. Fortunately, our network of independent business succession and estate planning attorneys can help you develop the plan needed for peace of mind.
What is Business Succession and Estate Planning?
Business succession and estate planning involves developing a sound, documented plan for the accumulation, conservation, and distribution of your property and assets with your personal goals in mind. Your business succession plan may include:
- Passing your business intact to your heirs
- Selling your business to a surviving co-owner or employee
- Providing for a financially secure retirement
- Providing income to your spouse and/or family after your death
- Making sure children or grandchildren are sufficiently mature before receiving assets
- Planning for incapacity
- End of life decision making
- Minimizing transfer taxes
Why Do I Need a Business Succession and Estate Plan?
Planning is a vital step in securing the future you want for your family and your business, as well as its employees, clients, and community. Should you pass away without a plan, applicable state laws may direct how and when your property is distributed as part of a public and costly probate proceeding.
*The specific coverage provided will depend on your policy.
How Do I Create a Business Succession and Estate Plan?
Every business owner has different needs, but here are a few steps to consider taking when building a business succession and estate plan:
- Define your goals so that it’s clear what should happen to your business after you retire or pass away
- Determine how much your business is worth
- Meet with a trusted business succession and estate planning attorney
- Determine how you will fund your plan, such as through a life insurance policy
- Determine what tools and strategies will help you distribute your wealth as desired, such as a will, a trust, a business continuation agreement, gifts and life insurance.
What Business Succession and Estate Planning Support Does Federated Provide?
Your local Federated Insurance marketing representative can connect you with a highly vetted, trusted member of our network of independent business succession and estate planning attorneys. This attorney can help you develop a unique plan that meets your and your family’s needs. Your marketing representative can also:
- Help estimate the value of your business utilizing Federated Life’s Value EstimatorSM tool
- Provide needed life insurance and disability income policies in support of your plan
*The specific coverage provided will depend on your policy.
What is Federated’s Network of Independent Business Succession and Estate Planning Attorneys?
Federated Insurance works with a nationwide network of independent, experienced, and vetted attorneys who specialize in business succession and estate planning. These legal experts are not paid by, nor do they receive, a commission from Federated. They simply share our passion for helping clients successfully transition their business and their wealth to the next generation.
To learn more about business succession and estate planning, reach out to us or contact 1-800-533-0472.
“The information herein is intended to provide general information and recommendations for risk prevention only. It should not be considered legal advice or an offer of insurance. The recommendations herein may help reduce the risk of loss, but there is no guarantee that they will result in reduced losses, claims, premiums, experience modification factors or general insurance costs. Coverage will be determined solely by the terms of your policy, if approved for issue. Consult with a qualified professional to discuss questions specific to your circumstances.”