Erin Patterson - Estate Planning for Business Owners | Charting Opportunities

In this episode of Portus Wealth Advisors' Charting Opportunities, Erin Patterson JD, CPA of Erin Patterson Law shares her knowledge on estate planning for business owners, emphasizing a multi-layered approach. She stresses the foundational elements like wills, powers of attorney, and revocable trusts to avoid probate and ensure a smooth transition of assets. Patterson highlights the importance of regularly updating these documents, especially for business owners, due to the dynamic nature of businesses and tax laws.

She then delves into advanced planning, including properly funding revocable trusts and establishing buy-sell agreements to govern the transfer of business ownership in various scenarios like death, disability, or retirement. Patterson urges business owners to communicate their succession plans to key stakeholders, including family and employees, to ensure clarity and minimize potential conflicts.

Finally, she discusses legacy planning, focusing on optimizing business structure for tax efficiency and long-term value. This included strategies like creating holding companies and utilizing irrevocable trusts for tax minimization and wealth transfer. Patterson emphasizes the importance of early planning, especially before any business sale, to maximize benefits and avoid complications. She also touches upon the role of appraisals, gifting strategies, and the importance of involving financial advisors and CPAs in the estate planning process.

A HUGE THANK YOU to Erin Patterson and Erin Patterson Law LLC! Erin's expertise and concise presentation provide invaluable guidance for business owners seeking to protect their assets and plan for the future.

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Erin Patterson - Estate Planning With Erin Patterson JD, CPA | Charting Opportunities - Highlights
Erin Paterson on Portus Advisors Charting Opportunities: Highlight reel
ORIGINAL MEDIA SOURCE(S):

Originally Recorded on February 12, 2025
Charting Opportunities: Season 1, Episode 5
Images courtesy of: Erin Patterson Law, PLC and Portus Wealth Advisors

00:00 Introduction
00:52 Estate Planning Basics
03:41 Foundational Estate Planning for Business Owners
04:10 The Role of Revocable Living Trusts
05:38 Frequency of Document Updates
06:30 Common Estate Planning Mistakes
06:56 Importance of Professional Legal Help
11:13 Moving to Advanced Estate Planning
15:11 Buy-Sell Agreements and Their Importance
23:22 Business Structure and Valuation
27:12 Irrevocable Trusts
49:22 Charitable Giving Strategies
51:05 Coordinating Family Estate Plans
54:18 Conclusion and Resources