[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/emotions-have-no-place-in-business-estate-plans-greenwich-ct-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/emotions-have-no-place-in-business-estate-plans-greenwich-ct-new-york-ny\/","headline":"Emotions Have No Place in Business Estate Plans","name":"Emotions Have No Place in Business Estate Plans","description":"Survivors are almost always emotional when dealing with the passing of a loved one, but if the deceased is a business owner it is important to limit the impact on businesses and operations. The drama that surrounds survivors after a death can affect businesses of all sizes from tiny Mom & Pop operations to large […]","datePublished":"2015-11-19","dateModified":"2024-03-21","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01bb0890c48a-scaled.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01bb0890c48a-scaled.jpg","height":1707,"width":2560},"url":"https:\/\/www.amorusolaw.com\/blog\/emotions-have-no-place-in-business-estate-plans-greenwich-ct-new-york-ny\/","about":["Business Succession","Family Business"],"wordCount":294,"keywords":["Business Succession","Buy-Sell Agreement","Family Business"],"articleBody":"Survivors are almost always emotional when dealing with the passing of a loved one, but if the deceased is a business owner it is important to limit the impact on businesses and operations.The drama that surrounds survivors after a death can affect businesses of all sizes from tiny Mom & Pop operations to large corporations as heirs question whether they are being treated fairlyThis leads to emotionally fueled conflict that can be difficult to resolve.One of the goals of estate planning is to make it so that any emotions do not affect how the estate will be distributed and do not lead to unnecessary litigation. If you own a business, or even just a part of one, you can create a business estate plan to accomplish the same goals for the business.In “Don’t Be So Emotional: Drama-Free Business Estate Planning” Forbes described some methods that can be used to accomplish this, including:Buy-Sell Agreement \u2013 This allows you to set a valuation for your share of the business, determine who will be getting it and make sure that your heirs receive fair value.Escrow and Trusts \u2013 Stock can be held in escrow until such time as agreed upon plans are carried out. Trusts can be used for all sorts of things, such as holding stock, voting, and buy-sell agreements.Pre-Funding \u2013 One of the biggest sources of conflict over business succession is when any party that will receive a payment gets the money. This can be resolved by using pre-funding to make sure that the money is available when you pass away.A qualified estate planning attorney should be consulted to ease the drama and head off the conflict.Reference: Forbes (Nov. 9, 2015) “Don’t Be So Emotional: Drama-Free Business Estate Planning“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Emotions Have No Place in Business Estate Plans","item":"https:\/\/www.amorusolaw.com\/blog\/emotions-have-no-place-in-business-estate-plans-greenwich-ct-new-york-ny\/#breadcrumbitem"}]}]