Estate Planning

Problem: A small businessowner's personal estate will be tied up in the business. The business or practice is usually the individual's largest personal asset. In the absence of adequate planning, a businessowner's estate can suffer severe shrinkage at the owner's death. This can result in a forced sale of the business and personal assets to pay federal and state death taxes and other estate settlement costs, and may threaten the continuation of the business and financial security of surviving family members.

Solutions:

1. Estate Analysis takes a look at a client's estate distribution at a given point in time, estimates the cash needs of the estate, and projects the necessary amount of liquidity. Life insurance is an ideal way to ensure funds will be available when needed, without jeopardizing personal or business assets.
2. Estate Planning by competent professional advisers coordinates business and personal assets to assure the orderly disposition of the estate according to the owner's wishes. The adviser is often the catalyst for the estate planning process and can have a central role on the client's team of advisers.

Reference: Estate Planning Concepts Adviser's Guide (Form 2450), Family Business Planning Adviser's Guide (Form 2470), Family Business Succession Planning Brochure (Form 2304), Business Insurance Planning PowerPoint Presentation (ON-Net software download), and ON-Trac Estate Planning Module (Form 1178.24)

Back to Top | Next

Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.

10