Legacy Planning for Business Owners with George Gore

This week we speak to some of the issues business owners face as they develop the type of succession plan that secures the future for their families, long after they are gone. We sat down with George Gore, CFP, President of Capitas Financial Midwest, who specializes in Estate Planning and Business Succession, along with Life Insurance Planning. We covered an awful lot of ground on this episode. The basic thrust of the episode is the concept that death, disability, and severe market conditions are all potential events that could cause a forced sale of a family business, absent a proper contingency plan. George shares his experiences seeing many families forced to sell a business when the key principal passes and his views on the best ways to avoid an unwanted outcome, all of which business owners should do proactively before it is too late:  (1) Determining whether the business is sustainable without the key principal. (2) Having funding mechanisms in place to transfer the business to the next owner. (3) Retaining expert advice from financial advisors, legal, accounting, and insurance planning specialists. (4) Utilizing life insurance and gifting exemptions to create a tax-efficient transfer when the time comes. George also explains how changes to the tax laws coming in 2025 make proper succession and legacy planning all the more critical in the coming years. To contact George, you can find him at https://www.capitasfinancial.com/location/05-capitas-financial-midwest-llc-illinois