Planning Your Business For When You Die

We need a plan in place if you die and we've got to think about everybody involved. The surviving spouse, the kids, or the one kid that may inherit the business. How is this all going to come together? You got to think through this and what's fair and equitable. This is where life insurance may come in. You may say, I'm going to pay for a little bit of life insurance to take care of these other kids and then leave the farm or the business to this one kid and then that one kid's going to take care of my surviving spouse or the widow. It can get complicated real quick. And this is why sometimes it's just easier to say sell the business to someone else that really knows what the hell they're doing. But again, if you're determined to get this to the next generation, you got to be willing to have some tough conversations. And this is what we help clients do every day in a business continuation plan and a revocable living trust.