2018-09-12 / News

Almont Chamber to discuss estate planning over lunch

ALMONT — Nobody wants to think about it, but there will come a time when you’re not running the business anymore.

The Almont Area Chamber of Commerce will be looking at Estate Planning for Small Business Owners when it gathers for lunch at noon Sept. 18 at the Heather Hills Golf Club, 3100 McKail Rd., Romeo.

The recent death of Aretha Franklin, who left behind an estate estimated at $80 million and four sons but no will, highlights the importance of estate planning.

Chamber vice president Jim Ligon said Lapeer County Probate Judge Justus Scott will lead off with a discussion of the Probate Court process. He will be followed by local attorneys Steve Schneider and Shane Childers who will discuss key strategies in succession planning.

The two lawyers will cover some of the key things business owners need to consider for succession planning. Among them will be: funding the business to a trust, partnership considerations, equal treatment of children versus the child who takes over the business and avoiding a “fire sale.”

The pair will also discuss to give or not to give consideration to pass your business to your children and the role of the buy-sell agreement in succession planning.

“It promises to be a great program,” said Ligon. He said there will be no fee for the meeting and attendees will be responsible for their own lunch.

Ligon added anyone who wants to stay for a round of golf after the lunch can call 810-798- 3871 to make arrangements.

For more information about the Almont Area Chamber of Commerce and its programs, call Chamber President Christy Yarbrough at 810-798- 3030.

Phil Foley

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