Many of us have a joint interest in a business or investment with other partners, which we would like to pass on to a loved one through our estate plan. However, those interests are often not controlling interests pursuant to the business plan made among the co-owners of the business.
These plans involve agreements that may set limits on who other decision-makers can be, such as partners in a partnership or directors in a corporation. On the other hand, business plans can be amended to create a succession plan in the event these business partners have family that would like to carry on the growing business.
Many co-business owners working together share these desires for family to follow in their footsteps, but have not thought this far ahead in their business plan. These business partners, members and shareholders are invited to contact Gee Law to discuss options for such planning. May your business enhance your family legacy as it prospers!