The major estate planning issue for business owners is business succession. If the owner dies, who will take over ownership and management of the business? Many different types of estate planning tools are available - solutions are not the same for everyone. Which tools are used (and how) depends upon circumstances.
There are two broad categories of business owner:
1. Business would pass to children on owner's death
2. Business would pass outside the immediate family
(to a sibling, key employee or third party)