Why You Should Integrate a Family Trust with Your Business Utilizing a Revocable Living Trust can be an affordable way to ensure your business passes effectively to your family or loved ones upon your death.

By Mark J. Kohler

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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Mark J. Kohler

Entrepreneur Leadership Network VIP

Author, Attorney and CPA

Mark J. Kohler is a CPA, attorney, co-host of the podcasts Main Street Business and Directed IRA Podcast and a senior partner at both the law firm KKOS Lawyers and the accounting firm K&E CPAs. He is also a co-founder of Directed IRA Trust Company. He is the author of The Tax and Legal Playbook, 2nd Edition and The Business Owner's Guide to Financial Freedom.

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