An ownership interest in a business may be one of a person’s most valuable assets. If the estate plan does not address that interest, ownership or management decisions may be affected by probate, business agreements, or Maryland law.
Business planning and personal estate planning should work together. A Will, Trust, Power of Attorney, operating agreement, shareholder agreement, or other document may play a role depending on the company’s legal structure and the owner’s goals.
Sinclair Prosser Gasior provides additional information for owners through its Family-Owned Businesses & Farms resource.
