06/10/26 - Business Estate Planning pt.4

Hey, we are continuing the discussion of businesses and estate planning.

Yeah.

Been through a few sessions of this, and, uh, this is a subject that you felt was worthy of a full series of episodes because, uh, this does affect so many people's estate is their business considerations, and you have, uh, been on a journey so far.

I don't know how much of a review you wanna do this time before we launch into this week's subject, but...

Yeah, just a little bit, that, you know, we've talked in the previous shows about the types of business structures there are, and, um, we talked a lot about making sure you have proper insurances as your first line of defense, and when somebody might need to use a business structure.

So all of those can be found at legacyandfaith.com on, on our previous podcast versions.

But, uh, y- you're right, this week we really wanna get into, well, what does it look like if somebody walks into my business, they're a business owner.

So, um, I really wanna start focusing on what does the experience of a business owner look like in estate planning-

Okay

... 'cause it is a little bit different than your average individual.

And that is because they've put so much into their business, and it really is a little bit of a journey for me to discover on what level of importance is the business.

So-

Now, this is everybody who has, like a, a self-employed business, where it's just them-

Yeah

... making a widget or teaching a lesson or doing something-

Yeah

... all the way up to somebody who has a, a number of employees.

Absolutely.

Or maybe is a landlord of some kind with a lot of rental properties, you know.

Absolutely, and, and, uh, yes, it can be anywhere in between all of those, that we have individuals with, um, w- with 50 to 100 employees versus the small business owner who's just an individual.

And, uh, each one of these types of businesses has a different flavor and different purposes.

And one of the first things that I really need to uncover is, um, the intent of the business going forward for somebody.

So i- in my business, I've, uh, I, I've talked a lot about relationships.

Relationships are important for me as an individual, and I've really built an entire law firm structured around long-term relationships.

So me building my business, I, uh, bring on individuals that I believe have that same, uh, foundational value so that they will be about the relationship first and, um, a- and other things secondarily.