Strategic Estate Planning for Florida Business Owners
Owning a business adds a layer of complexity to your Florida estate plan. From succession planning and asset protection to minimizing tax exposure, business owners need a plan that safeguards both their company and their family. At The Law Office of Audrey Ehrhardt, we provide thoughtful guidance to ensure your business and personal goals align, giving you clarity for the future and peace of mind for those you love.
Our Services Include
Business Succession Planning. We help you develop a clear plan for transferring management and ownership when you retire, become incapacitated, or pass away. Whether your goal is to keep the business in the family or transition to a trusted partner, we create a strategy that protects your company’s future and minimizes conflict.
Trust and Estate Structuring. Your business may be one of your largest assets. We can incorporate your company into your estate plan through trusts or other planning tools that safeguard value, reduce tax exposure, and simplify transfers for your heirs or partners.
Buy-Sell Agreements. A carefully written buy-sell agreement protects both your business and your family. We help you establish clear terms for the sale or transfer of your ownership interest so your partners and loved ones are protected no matter what the future brings.
Asset Protection for Business Owners. We guide Florida business owners in protecting both business and personal assets from potential liabilities, lawsuits, or unexpected claims. Strategic planning ensures your financial security and business stability.
Frequently Asked Questions
What is estate planning for business owners?
Estate planning for business owners involves creating a strategy to manage and protect business assets during your lifetime and after. It ensures your company continues operating smoothly and that ownership transitions according to your wishes, while minimizing disruptions for employees and family.
Why is estate planning important for Florida business owners?
Without a clear plan, your business could face uncertainty or even closure if something happens to you. Estate planning allows you to name successors, establish management structures, and protect both personal and business assets from unnecessary legal or tax complications under Florida law.
What documents should be part of my business estate plan?
A well-designed plan may include a revocable trust, durable powers of attorney, a business succession agreement, and buy-sell provisions. Together, these tools protect your ownership interests and outline exactly how the business will continue if you retire, become incapacitated, or pass away.
Can I transfer my business to my children or a partner?
Yes, estate planning allows you to determine how ownership transfers will occur, whether to family members, key employees, or business partners. We help you structure the transition in a way that preserves your company’s stability and minimizes tax exposure.
How can I protect my business from estate taxes?
Florida does not have a state estate tax, but federal estate tax rules can still impact business owners. We can help you develop strategies that may include trusts, gifting, or restructured ownership to reduce or eliminate unnecessary tax burdens.
What happens if I do not have an estate plan for my business?
If you pass away without an estate plan, Florida’s intestacy laws could determine how your business is handled. This may leave your family and employees without clear direction, and your company could lose significant value. A proactive estate plan ensures your legacy and business continue according to your wishes.
Key Person and Contingency Planning
We help you identify key individuals who are vital to your company’s success and build plans to ensure continuity if they are unable to serve. This proactive approach safeguards your operations and preserves business value during times of transition
Estate Tax and Liquidity Planning
Business assets can make your estate more complex. We help you anticipate potential tax obligations and ensure your loved ones or successors have the liquidity they need to cover expenses without disrupting your business.
Business Valuation Guidance
An accurate understanding of your business’s worth is critical for estate, tax, and succession planning. We coordinate with valuation professionals to determine your company’s true value and use that information to create a plan that supports your long-term goals.