1. Develop and Maintain A Succession Plan For Ownership and Management

2. Adopt A Complete Estate Plan and Review and Revise It Periodically

3. Planning for Retirement Plan Accounts of the Closely Held Business

4. Review Needs For Life Insurance

5. Premarital Agreements and Protection of Interests in Closely Held Business

•Consider whether a premarital agreement is important to protect the interest of one spouse in a previously established business prior to marriage of the owner.

6. Disability Insurance; Long Term Care Insurance

•Consider acquiring disability insurance in case the business owner incurs a disability and can no longer manage the business requiring a third party manager to be hired to run the business.
•Consider having each owner acquire long term care insurance.

7. Planning For Interests in S Corporations, Partnerships and Limited Liability Companies

8. Is or Should Business Real Estate Be Held in a Separate Entity?

9. Succession Planning and Incapacity Information

10. Review The Above Steps Periodically

This manuscript was presented at Poyner Spruill LLP’s annual “Advising the Business Owner” seminar by Craig G. Dalton, Jr., H. Chalk Broughton, Jr., and William T. Belcher.

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