No, estate planning involves all the assets in an individual’s estate, whereas succession planning directly relates to the actual business.
You need an estate plan whether or not you have a succession plan. Estate planning for business owners involves transferring personal and business assets to avoid any tax implications for survivors or shareholders. Since businesses are constantly changing it’s important to have both a succession plan in place followed by an up-to-date estate plan.
If you haven’t yet started a succession plan, get in touch with us today for help.