Estate Planning Goals Using a Business Entity

Typical goals for estate planning using an entity are (1) control and management of family assets and investments, (2) keep assets from personal creditors of a family member, (3) protect family members from liability from operating the family business, (4) educate and train future generations of family members, (5) prevent future generations from owning a direct interest in business and assets owned by the family, (6) keep the family business together, (7) reduce estate and gift taxes, (8) provide for gifts without deeding over small interests in real property, and (9) consolidation of family assets. The key question is what type of entity is the best to use.

entities typically considered to achieve your goals are a limited liability partnership, a family limited liability company, a series limited liability company, and a corporation (S-Corp or C-Corp). Which entity you will want to use will depend on your assets, the nature of your business, and ultimately your estate planning goals. If you go on-line, you can probably find a form for these entities, but sitting down and meeting with a lawyer (and paying them for their time) will provide you with the proper guidance and direction as to which entity you will want to use.

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