You don’t necessarily need to have a trust as a business owner, but it is recommended because it’s a much more flexible way of handling the asset that’s sitting in the trust.

A trust is essentially an instrument that captures your wishes and let’s everyone know who you would like to have those assets go to.

In order for a particular business to be placed inside a trust, you need to know what type of business it is, and how that entity is classified for tax purposes and for state law purposes.

Some businesses do not fit very well in certain kinds of trusts, so you want to be able to understand what those things are. And part of what we do is help clients understand the advantages and disadvantages of certain kinds of trusts that can hold a business interest.