“It is a common estate planning practice for small business owners to transfer ownership of their business interests into their revocable living trusts. These transfers can be made during the business owner’s lifetime or with a ‘transfer on death’ (TOD) designation. This estate planning technique has many benefits, a major one being the avoidance of probate of the business interest at death, but only if the terms of the trust provide the necessary protections, AKA ensuring the trust is an eligible shareholder of an S corporation …” (more)
[Gerry W Beyer, Wills, Trusts and Estates Prof Blog, 22 March]
First posted 2022-03-24 14:00:45
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