Business owners face unique estate planning challenges that require specialized strategies to protect accumulated wealth, minimize tax exposure, and ensure successful transition of the business to future generations.

With proper planning, business owners can leverage strategies to achieve their personal and financial objectives while maintaining control during their lifetime. Here, I examine some of the key estate planning strategies and considerations specifically tailored for owners of closely held businesses.

The Business Owner’s Estate Planning Landscape

The Small Business Administration reported that 90% of the 21 million U.S. businesses are family-owned, yet 80% of family businesses do not pass successfully to the second generation, and of the 20% that do, 80% never make it to the

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