Once an endeavor produces a profit, it is a business and not a simple hobby. Many people have legitimate business enterprises that require succession planning, in the event of death or disability. However, many have also failed to plan for the transfer of such business enterprises, which creates an added complication for the estate administration/probate process. The purpose of this session is to identify common attributes and pitfalls of a family-owned business, while also identifying ways in which business owners can begin planning for succession of their business interests.

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