Summary: Few people think about what will happen to their business after they die and therefore rarely put together a plan. Fewer may even think that a family or closely held business should be considered a part of their estate plan. However, for many small business owners, their financial interest in their business may be the largest asset that they have and represent most of the wealth that they will transfer at the time of their death. When transferring a family or closely held business, a well-funded life insurance policy can play a very large role in a smooth transition.
 Insurance policies can also play a significant role in ensuring that your business can meet its cash flow needs after you have passed. A life insurance policy will guarantee liquidity to cover expenses for your business during the transition period after you have passed on. If you were the primary producer at your business, a life insurance policy can also ensure that there is enough money to maintain the business until your lost production can be restored."New York Estate Planning Lawyer Blog |
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