Finance

Why You Should Integrate a Family Trust with Your Business

VIP Contributor
Author, Attorney and CPA
Opinions expressed by Entrepreneur contributors are their own.

Ensuring that your business passes to your loved ones in the most efficient and cost-effective manner is critical. Processes like probate can be costly, slowing down the exit strategy for your business and affecting its value. You may integrate a business succession plan, buy-sell agreement or life insurance to document and assist in the ease of transferring your business after you pass on. Utilizing a revocable living trust can be an affordable and important part of any plan to effectively transfer your business to your heirs or business partners.

Related: S-Corps and Tax Advantages: What to Know

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