{"id":343,"date":"2010-09-16T22:34:31","date_gmt":"2010-09-17T02:34:31","guid":{"rendered":"http:\/\/purplelawfirm.com\/blog_news\/?p=343"},"modified":"2010-09-16T22:34:31","modified_gmt":"2010-09-17T02:34:31","slug":"starting-a-new-business-and-your-estate-plan","status":"publish","type":"post","link":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/2010\/09\/16\/starting-a-new-business-and-your-estate-plan\/","title":{"rendered":"Starting a new business and your estate plan"},"content":{"rendered":"
\"Chattanooga<\/a>
Tennessee Corporations or Limited Liability Companies - LLC<\/figcaption><\/figure>\n

Starting a new business and your estate plan<\/h1>\n

When you own a business there are many issues that you need to consider, and you certainly should should seek legal advice from a lawyer.\u00a0 One issue that most people do not think about is the issue of passing the ownership of the business on to heirs (spouse children, or others). \u00a0 There are several ways to ensure that you ownership interest in a business passes on to who you choose.<\/strong><\/p>\n

Trust Centered Estate Plan Plus Corporation<\/h2>\n

One such way is to have a trust centered estate plan along with a corporation<\/em>.\u00a0 The trust <\/a>is written as a family or individual Trus<\/strong>t, and the corporate stock is issued directly to the trust<\/strong>.\u00a0 In the event of your death, the Successor-Trustee of your Trust manages the corporation stock as your Trust agreement dictates.\u00a0 For example, you decide that you want your spouse to continue running the business<\/em> if he\/she survives you, if not you want your children to be able to continue the business.\u00a0 The Trustee of your Trust<\/strong>, which is initially you and your spouse owns the shares of the corporation<\/strong> and thus you are in charge of the corporation through your Trust.\u00a0 In the event of your death the surviving or Successor-Trustee takes over the Trust and thus the corporation.\u00a0 No probate<\/strong>, no hassle. You can also opt to instruct your Successor Trustee to sell your corporation stock.<\/p>\n

The ownership of the business through a corporation held by a Trust can help protect your business investment<\/strong> from exposure to your personal liability outside of business, like a bad car accident, etc.\u00a0 There are other business structures that can be formed to work within a Trust centered estate plan.\u00a0 Learn more about various business structures in Tennessee.<\/a><\/p>\n

Contact the attorneys of Purple Law Firm<\/a> to discuss your business and estate plan needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

When starting a business one important issue to consider is how to pass the ownership of the business on to your heirs (spouse children, or others). One such way is to have a trust centered estate plan along with a corporation. You should seek the sound legal advice of an attorney experienced in starting a business and estate planning.Read More →<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","footnotes":""},"categories":[11,19],"tags":[103,152,196,197,233,236,305],"yst_prominent_words":[1078,1081,1076,743,751,1079,1077,397,744,746,1083,1082,745,532,633,1080,485,747,742,741],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-admin","4":"has-excerpt","5":"post-343","7":"format-standard","8":"category-corporations","9":"category-estate_planning_wills_trusts_estates","10":"post_tag-corporation","11":"post_tag-estate-planning","12":"post_tag-incorporate","13":"post_tag-incorporation","14":"post_tag-living-trust","15":"post_tag-llc","16":"post_tag-start-a-new-business"},"featured_image_src":null,"author_info":{"display_name":"Todd Couvillon","author_link":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/author\/admin\/"},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"hoot-small-preview":false,"hoot-large-preview":false,"hoot-medium-preview":false,"hoot-wide":false,"hoot-extra-wide":false,"hoot-boxcontent":false},"uagb_author_info":{"display_name":"Todd Couvillon","author_link":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"When starting a business one important issue to consider is how to pass the ownership of the business on to your heirs (spouse children, or others). One such way is to have a trust centered estate plan along with a corporation. You should seek the sound legal advice of an attorney experienced in starting a…","_links":{"self":[{"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/posts\/343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/comments?post=343"}],"version-history":[{"count":0,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/posts\/343\/revisions"}],"wp:attachment":[{"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/media?parent=343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/categories?post=343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/tags?post=343"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/purplelawfirm.com\/law-and-you-chattanooga\/wp-json\/wp\/v2\/yst_prominent_words?post=343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}