06/03/26 - Business Estate Planning pt.3

Businesses and estate planning, over the years, I've said that this group of individuals, business owners, whether it's a small business but consistent or a larger thriving business – tend to be one of the more difficult estate planning scenarios that I need to deal with.

And there's multiple reasons.

We've got into just barely touching on some of the why that ends up being difficult for me.

We're going to hit that far more today and in the next show as well.

But really, people use businesses all the time.

It can be from Something as simple as creating a craft and selling it at the market.

A piano lesson.

Doing piano lessons.

That's what my wife does.

And compared to me having a law firm versus a manufacturing versus anything in between that could produce hundreds of dollars a month versus hundreds of thousands of dollars a month.

So I guess one of the things that we're really not talking about are publicly traded large companies, Microsoft, Boeing, Starbucks.

So that's a whole different subsection of very large companies.

Small businesses.

Yeah, these are more small businesses.

Which is most of the businesses in the country.

Most people work in a small or for a small business.

Yeah, that's right.

It really is the driving force of the U.S. economy.

Take out...

Small businesses – and let's just say that the valuation is $100 million or less, and I know that sounds like a large business to many people's ears.

But in the business world, that ends up not being a real massive business.

And you take all those businesses out and the US economy would almost come to a halt.

Right.

So while we focus on the S&P 500, the 500 largest companies in the US and use an index for that and the list goes on, that's all fine.

But it's really the small business that I'm focusing on.