Estate Planning Techniques for Small Business Owners

Overview

Life insurance has long been considered one of the primary tools for both estate planning and succession planning. For small business owners, these two planning challenges are thoroughly intertwined.

This course offers a comprehensive overview of estate and succession planning. It explains how life insurance and other financial tools can be used to meet a business owner's planning needs by providing liquidity, equalizing inheritances, funding trusts, preventing estate shrinkage, and creating wealth and income for survivors. It also discusses other planning techniques that estate owners can use to prepare for the passing of property-including a business-at the owner's death.

Learning Objectives

Upon completion of this course, students will be able to:

  • demonstrate an understanding of the particular importance of estate planning for business owners
  • recognize the need for estate liquidity, even when the federal estate tax is not an issue
  • describe what comprises an estate, how it is valued and why a will is the foundation for most estate plans
  • explain the importance of succession planning and how it is entwined with estate planning
  • explain how to structure and fund a buy-sell agreement
  • articulate how to equalize inheritances among children with different wants and needs
  • describe how to meet unique estate planning needs with trusts
  • demonstrate an understanding of why estate planning is still important, even with the current high exemption amount and portability

Designed For

Life/health insurance producers; financial planners and advisors
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