Law Days and Lattes - Episode 47

Estate Planning for Entrepreneurs: Protecting Your Business and Legacy

• Without a plan, courts—not you—decide what happens to your business.
• Poor planning can lead to legal battles, financial loss, and business closure.

✅ Will – Directs inheritance but doesn’t keep business out of probate.

✅ Revocable Living Trust – Ensures smooth transition, avoids probate, keeps details private.

✅ Power of Attorney (POA) – Appoints someone to manage business if you're incapacitated.

• Who will take over? (Family, partner, key employee?)
• How will ownership transfer? (Sale, inheritance, trust?)
• Who manages finances, contracts, and passwords?

• Gifting shares – Lowers taxable estate.
• Trusts – Protects assets.
• Life insurance – Covers estate taxes.
• Stepped-up basis – Reduces capital gains taxes.

☕ Meet with an estate planning attorney—this is NOT a DIY project.

☕ Draft or update your will to include business assets.

☕ Set up a trust to avoid probate.

☕ Create a power of attorney for business operations.

☕ Review or create a buy-sell agreement if you have partners.

☕ Get life insurance to secure business and family.

☕ Develop a succession plan for smooth transition.

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Until next time, grab your favorite latte, hold your loved ones tight, and have a great week! ☕

This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.