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A Word of Caution

A Word of Caution. These materials are presented with the understanding that the information provided is not legal advice.  Due to the rapidly changing nature of the law, information contained in this presentation may become outdated.  Anyone using information

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A Word of Caution

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  1. A Word of Caution These materials are presented with the understanding that the information provided is not legal advice.  Due to the rapidly changing nature of the law, information contained in this presentation may become outdated.  Anyone using information contained in this presentation should always research original sources of authority and update this information to ensure accuracy when dealing with a specific matter.  No person should act or rely upon the information contained in this presentation without seeking the advice of an attorney.

  2. Top Ten Estate Planning Tools For A Business Owner Presented By: David A. DeJarnett, Esquire

  3. #10 Durable Power of Attorney • Plan for incapacity • Appoint someone to make business decisions on your behalf • Keep your business in operation

  4. #9 Last Will & Testament • Business will pass in an orderly fashion • Consider how estate taxes will be paid • Empower executor to operate business

  5. #8 Entity Shields for Asset Protection • Use corporations or limited liability companies • Protect personal assets • Protect assets subject to different risks

  6. #7 Prenuptial Agreement • Largest potential creditor is your fiancé • Also known as your future former spouse • Protect the value that you create in your business

  7. #6 QTIP Trust QTIP Trust - Qualified Terminable Interest Property Trust • Reduce Estate Taxes by using both exemptions • Provide support to spouse while controlling disposition of business • Reduce Estate Taxes by using minority/fractional interest discounts

  8. #5 JRLT JRLT- Joint Revocable Living Trust • If not QTIP, then JRLT • Reduce Estate Taxes by using both exemptions • You can be trustee

  9. #4 Business Succession Plan • Who will own and operate your business when you are ready to retire? • Will you sell your business or will you give it to your spouse or children?

  10. #3 Buy-Sell Agreement • Controls who your partners are • Restricts transfer of minority interests • Provides for liquidation of interests

  11. #2 ILIT ILIT - Irrevocable Life Insurance Trust • Business is illiquid • ILIT provides liquidity • ILIT provides value replacement

  12. #1 Time • Start early • Plan often

  13. Thank You!

  14. For more information, contact:David A. DeJarnett, EsquireBowles Rice McDavid Graff & Love LLPddejarnett@bowlesrice.com(304) 264-4232

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