Many business owners hope that the companies they have built will
outlive them and help build a family legacy. Too often, however,
business owners procrastinate when it comes: (i) to estate planning, (ii)
to taking advantage of gift tax exemptions and (iii) to utilizing trusts – all strategies that can help keep a company out of probate court.
Businesses that fall into probate can be compromised significantly, as court proceedings can take anywhere from a few months to a year or more, according to Fox Business. Moreover, because probate court proceedings are public, every aspect of the company may be revealed, including the assets it holds and its financial standing.