All owners of an enterprise who share ownership of assets (and hopefully the visions and values that created them) are connected emotionally and financially to all other members of the enterprise. In
a “common wealth” system, every action has a reaction. A shock to any part of the system reverberates through the entire system.
Thanks to the excellent estate planning advice lawyers and CPAs have provided clients over the past 20 years, almost every high-net-worth family has a business. Many formed family limited partnerships and LLCs to own rental or commercial real estate. However, while buy-sell agreements have become essential for conventional businesses with unrelated owners, they are less common among the growing number of intrafamily business entities.
