III. Estate Planning A. In terms of minimizing tax liability…

III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ from a partnership to a corporation? B. For estate planning purposes, what are the advantages of setting your business up as a corporation versus a partnership? Defend your response. C. Describe your company’s succession plan and whether or not it aligns with your company’s vision. D. Based on your responses, what estate planning strategy would be most effective in minimizing tax liability? Why? 

IV. Trusts A. Draw a conclusion about the purpose for the company’s trust based on the research of your company. B. Why would a small business owner want to set up a trust and how could it be used for estate planning purposes? C. Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income, which would be most suitable for a company?