Some clients coming in for estate planning may not fully grasp the effect of business interests on their ultimate goals. Be prepared to explore and plan for your clients' potential interests in partnerships or LLCs. Get the right information in order to interpret death provisions and other mechanisms for transferring these types of interests. Define the scope of a trustee's responsibilities to the partnership or LLC.
Watch so you can:
- Ask early and specifically about partnership or LLC interests to address in the estate plan
- Provide for flexibility in the estate plan to achieve your client's goals
- Conduct a thoughtful, critical analysis of partnership or operating agreements