Carlos owns a thriving landscaping company that maintains estates across Palm Beach and Wellington. He has two partners, fourteen employees, and a daughter who works in the business and a son who does not. His wealth is mostly tied up in the company, and that single fact makes his estate plan more urgent and more complicated than most. Here is how his attorney would approach it.
The Risk Is the Business Stalling in Probate
If Carlos died owning his interest in his own name, that interest would pass through Florida probate under Chapters 731 through 735. Depending on the value, it could require formal administration, which takes months and is public record in the Palm Beach County courthouse. During that time, who signs contracts, makes payroll, and bids on jobs? A company that depends on the founder can lose clients and value while the court sorts things out. The goal is continuity.
A Buy-Sell Agreement Among the Partners
The first cornerstone is a buy-sell agreement. It sets, in advance, what happens to Carlos’s share when he dies, retires, or becomes disabled. A common structure has the company or the surviving partners buy out his interest at a defined price, often funded by life insurance on each owner. This gives Carlos’s family fair value in cash while keeping control of the business with the people who run it day to day, avoiding a forced partnership between his heirs and his partners.
Treating Two Children Fairly Is Not Treating Them Equally
Carlos’s daughter works in the business; his son does not. Splitting the company 50/50 between them could trap the daughter in a partnership with a sibling who has no operational role. Many Florida business owners instead leave the business interest to the active child and balance the estate by directing other assets, life insurance, or real estate to the other child. Fair, here, often means different shares, not identical ones.
Hold the Interest in a Revocable Trust
Carlos can title his membership interest in a Florida revocable trust under Chapter 736 so it passes to his chosen successor without probate. The trust can also name a successor trustee with the authority to vote the interest and make decisions immediately if Carlos becomes incapacitated, preventing a dangerous leadership vacuum. Coordinating the trust with the company’s operating agreement is essential, since the operating agreement may restrict transfers.
Plan for Incapacity, Not Just Death
A durable power of attorney under Chapter 709 should give a trusted agent authority over business matters if Carlos is sidelined by illness. Without it, even routine decisions could require a court-supervised guardianship. For a company that lives and dies on responsiveness, that delay is its own risk.
Remember Florida’s Tax Advantage, but Watch the Federal Side
Florida imposes no state estate or inheritance tax, which is a genuine advantage for Palm Beach business owners. However, a successful company can push an estate above the federal estate-tax threshold, and an illiquid business creates a cash crunch when taxes or buyouts come due. Life insurance and advance modeling keep the family from being forced to sell the very business Carlos built.
A Note on Getting It Right in Florida
Business succession ties together your operating agreement, a buy-sell, your trust, and your family’s fairness concerns. Each piece has to align or the plan fails at the worst possible moment. Work with a licensed Florida estate planning attorney, ideally alongside your accountant. This article is general information, not legal advice.
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For more on our Florida practice, see our overview of estate planning in Boca Raton. Morgan Legal Group's affiliated New York office also handles .
