As a business owner or C-suite leader, you probably have different concerns than the average person when planning your estate. For example, you probably hold assets throughout Ohio, the USA and internationally. In fact, the complexity of even the simpler business ownership structures, such as sole proprietorships, may require a unique strategy.

At Dinn, Hochman & Potter, LLC, our goals are the same as yours: to transfer your assets in the most efficient way possible. What that would look like would depend on your situation, but there are a few general ideas involved in the management of most complex estates. Please read on for a summary of a few key points.

Completing an analysis of your portfolio is typically a prerequisite to crafting the most effective estate plan. Establishing an ongoing schedule of review at regular intervals is also often necessary. This is especially true if you happen to hold volatile assets, such as young businesses or some types of securities. A thorough analysis of your holdings should determine the strategy for ongoing review of your plan.

Your next step would probably be determining who should gain control of your wealth. You probably have to consider the needs of not only your family but also the people who depend on you for their livelihoods. The standard inheritance scheme of passing down to spouses and children may work for many people, but most business owners would need a more complex set of conditions to ensure smooth continuity of wealth and management.

Your final concern would be determining when people receive the well you intend them to have. In some cases, you may want to distribute part of your estate before you pass on. In other cases, you may need to delay the disbursement of funds until your heirs are old enough to manage the wealth responsibly. 

we encourage our clients to think about these factors and we work with them to clarify their requirements. After that, we develop the most efficient possible wealth transfer plan based on their unique situations. Please read more on our main website.