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Frost Law GroupSummerville, SC(843) 419-6653
Estate planning · Summerville, SC

Estate Planning for Business Owners in Summerville, SC

What happens to the company, the employees and the family income if you die or become disabled tomorrow. Answer it now, in writing.

Schedule a consultation(843) 419-6653

The problem most owners have not solved

If you own an LLC or corporation and die without a plan, your interest becomes a probate asset. For months nobody can sign checks, renew licenses or sell the business, and your spouse inherits a company they may not want to run alongside partners they did not choose. A disability is worse: nobody has authority at all unless a power of attorney names them.

What a business owner's plan includes

  • An operating agreement (or shareholder agreement) that addresses death and disability. Who can inherit an interest, who must be bought out, at what price, and how it is paid.
  • A buy-sell agreement funded with life insurance so partners can buy a deceased owner's share and the family receives cash instead of a minority interest.
  • A durable power of attorney that expressly covers the business, naming someone who can sign, hire and borrow if you cannot.
  • A revocable trust that holds the business interest, so a successor trustee can act immediately and the business stays out of probate.
  • A written succession plan—who runs the company for the first ninety days, where the passwords and bank contacts are, and who calls the customers.
  • Tax planning for larger companies, where estate tax exposure or a step-up in basis changes the structure.

Operating agreements for Summerville LLCs

Many Lowcountry LLCs were formed online with no operating agreement or a template that never mentions death. Under South Carolina's LLC Act, the default rules then decide whether a deceased member's heirs become members or merely receive distributions. We draft or amend operating agreements so the answer is the one you choose, and we coordinate them with your will or trust so the documents do not contradict each other.

Who this is for

Contractors, medical and dental practices, restaurants, rental-property owners, farms and family businesses across Dorchester and Berkeley counties—any owner whose family income depends on the company continuing for at least a season after something happens to them.

Keep the doors open.

Bring your formation documents and your current operating agreement, if you have one.

Schedule a consultation(843) 419-6653

Questions people ask

Can my LLC interest be held in a trust?

Yes, if the operating agreement allows it or is amended to allow it. We do both at the same time.

What if my partner dies and there is no agreement?

The default statutory rules apply and the partner's estate—often a spouse with no involvement in the business—holds an economic interest. A buy-sell agreement prevents that.

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