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

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