What is the difference between business succession planning and estate planning?

Succession planning is for businesses and estate planning is for your personal estate and usually excludes your business. Business succession planning is about ensuring the continuity of your company. It is about deciding who will take over your company if you die or become disabled, or when you retire.

Estate planning is about ensuring that your wishes are respected after you die. It includes a plan to distribute property and other assets, debts, and obligations after death. It also involves choosing someone to manage certain aspects of your financial affairs, for example, paying bills, collecting income, and paying income tax.

planning lawyer

Business succession planning and estate planning are two different things, even though they're both often confused as being the same thing. Most people don't realize that they're separate concepts, so let's clear that up right now.

When you need a business plan or an estate plan, call this law firm for a free consultation.

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://posts.gle/UxAZ4j

https://parklinlaw.com/why-an-estate-planning-is-needed-in-utah/ 


Location: Parowan, UT 84761, USA

Popular posts from this blog

Can a paternity test be done before the baby is actually born?

Image
Because the child's genetic makeup is determined at conception, a paternity test can be performed before the baby is even born. Blood draws from the mother and the father can be taken as early as 8 weeks into the pregnancy. The mother's blood draws contains all of the DNA of the fetus and some extra DNA from her own body, while the father's blood contains only his DNA. If you need to prove that someone is not the child's father, you can also take a sample after birth when no one can claim that they were misled about whose DNA was tested. Paternity tests are usually done between 3 days and 6 months after birth because it takes time to get all of your ducks in a row and have everything scheduled correctly. The short answer is yes, but it's not as simple as you might think. A paternity test can be done before the baby is born, but the results may not be accurate. A paternity test is a form of genetic testing used to determine whether a man is the biological father...
Read more

What is the best way to leave an inheritance for your children in order to avoid court battles?

Image
While there is no right or wrong way to leave an inheritance for your children, there are some good ways to avoid messy court battles over it. The best way to leave an inheritance that avoids this mess is through a trust. A trust allows you to keep control of the money and decide who will receive it. You can leave instructions in the trust about how the inheritance should be divided among your beneficiaries. This will prevent future fights because the instructions are explicit, and there is no question about what you meant by them. Another good way to avoid court battles over your estate plan is to talk with your family about what you want before you begin writing your will . If you have done this, then there won't be any questions about what you intended after you pass away. The best way to avoid an estate court battle is to have a good estate plan in place. However, the cost involved in doing this might be prohibitive for many people. What then is the second best way to a...
Read more

Can a non-earning mother get custody of her kids if she is opting for divorce?

Image
Yes, a non-earning mother can get custody of her kids if she is opting for divorce. However, it is important to note that in all cases, the judge will consider the best interests of the child when making a decision. In deciding what is in the child's best interest , the court will look at several factors. The court may consider the past conduct of each parent including acts of domestic violence and abuse. The court may also consider the ability of each parent to provide for the needs and lifestyle of the child. If a non-earning mother can show that she will be able to provide for her children in a way that a dating mother would be able to do, then she should have a good chance at getting custody of her children. The quick answer is yes. Non-earning mothers can get custody of their kids when they opt for divorce. The reason for this boils down to the fact that the parent who has custody gets to decide where the kids will live, and a court will be inclined to grant custody to w...
Read more