If you own a business, your interest in the business may be one of your largest assets. Estate and tax planning as a business owner is a delicate but crucial process because business interests are includable in a business owner’s taxable estate. If not properly planned for, your beneficiaries may not have sufficient liquid funds to satisfy federal estate and gift tax liabilities, if your estate is subject to such tax.
This article addresses irrevocable life insurance trusts (ILIT) as an estate and gift tax planning tool specifically for business owners.
