Estate Planning for Business Owners

Coordinated Personal & Business Planning for Entrepreneurs and Families

At The Lively Group, we approach estate planning through a business lens. Our practice serves entrepreneurs, privately held businesses, and families in Arkansas and Texas who need wills, trusts, and other estate documents that align with how their companies actually operate.

Our founding attorney, John Jacob (Jacob) Lively, is both a licensed attorney in Arkansas and Texas and a former C-suite executive who owns small businesses himself. When we talk about business owner estate planning, we are drawing on decisions we have faced from both sides of the table: legal counsel and owner-operator.

Our estate planning work is a fit for clients whose personal and business assets are closely connected and who want one advisor to help think through ownership interests, succession, and family needs together. There is no public disciplinary history reported for Jacob Lively with the State Bar of Texas.

If you are ready to align your will, trusts, and business succession planning, contact The Lively Group at (479) 679-7002 to schedule a conversation.

How Our Attorney-as-Business-Owner Perspective Helps You

Jacob Lively’s background includes serving in a C-suite role before forming The Lively Group. That experience means we understand how decisions about equity, control, and leadership affect both daily operations and long-term wealth transfer.

In addition to running the firm, Jacob and Gracie Lively own small businesses, so issues like buy-sell provisions, key person risk, and continuity planning are not theoretical. We consider how your estate plan coordinates with:

• Operating agreements and bylaws. We look for conflicts between ownership documents and your will or trust.
• Buy-sell arrangements. We help you think through funding and transfer mechanics when an owner dies or becomes incapacitated.
• Succession structures. We work to clarify who steps into ownership and management roles and on what terms.

We serve clients across Arkansas and Texas, with Jacob’s J.D. from the University of Arkansas School of Law in Fayetteville and licensure in both states. Our goal is to give business owners one place to address estate, business succession planning, and asset protection in a coordinated way.

Estate Planning Services We Provide

Our practice includes Wills-Trusts-Probate as listed with the State Bar of Texas, along with asset protection and business transitions. For many clients, that means aligning traditional personal planning with business owner needs.

Typical components of an estate plan for entrepreneurs and families include:

• Last will and testament. Directs how personal assets are distributed and can nominate guardians for minor children.
• Revocable or irrevocable trusts. Structures that can manage wealth transfer, privacy, and potential probate avoidance for selected assets.
• Durable power of attorney. Authorizes a trusted person to handle financial and business affairs if you cannot act for yourself.
• Healthcare directives. Documents that express medical treatment wishes and designate who can make healthcare decisions.

Business owners often need additional planning to address how ownership interests are handled:

• Business succession planning. Aligning your will or trust with operating agreements so ownership transitions as intended.
• Buy-sell agreements. Setting terms for co-owners or successors to acquire your interest on death or disability.
• Continuity provisions. Clarifying voting rights, management authority, and access to key accounts during transition.

Because we also advise on growth, transitions, and asset protection, we pay attention to how your estate plan interacts with existing entities and any outside general counsel relationships you may already have.

Our Straightforward Engagement Process

We keep our process simple so you can quickly understand how to move forward. We encourage new clients to start on our Home page to see how The Lively Group is structured, then visit About Us if you want more background on our story and how we run the business.

From there, estate planning engagements typically follow a direct path:

• Initial contact. You reach out and share a brief overview of your situation and goals.
• Consultation. We discuss your personal and business picture, walk through options, and identify priorities.
• Planning and drafting. We prepare or update the necessary estate documents in light of your business structure.
• Execution and follow-up. We guide you through signing and discuss next steps, such as funding trusts or updating account beneficiaries.

The Lively Group and John Jacob Lively, PLLC work in a coordinated way, with legal service offerings provided through the PLLC under a separate engagement. Because we are a solo practice, clients often appreciate the direct access they have to the attorney managing their matter and the clear communication that supports each decision.

Estate Planning for Business Owners in Arkansas and Texas

For business owners, estate planning is not limited to personal accounts and family property. Your interest in a privately held business is often one of your most significant assets and the core of your family’s financial life.

Without a funded estate plan, a business owner’s company interest may pass through probate. That process is court supervised and can delay transfers to heirs or successors. In some situations, this can create uncertainty for co-owners and employees at the worst possible time.

A carefully drafted will or trust can specify how your ownership stake is managed if you become incapacitated and how it transfers at death. Coupled with a durable power of attorney, this can allow a designated agent to sign checks, manage contracts, and handle business decisions without the need for a court-appointed guardian.

Healthcare directives are a separate but equally important part of planning. They establish who can make medical decisions and communicate your treatment preferences so your family is not left guessing.

Because state law governs will execution, trust formation, and probate procedures, business owners in Arkansas and Texas should have their estate documents drafted or reviewed under the laws of the states where they live and operate. We work within those frameworks to help your plan function as intended where it matters most.

Frequently Asked Questions

Do I Need an Estate Plan If I Already Have a Business Succession Plan?

A business succession plan and a personal estate plan address overlapping but distinct concerns. A succession plan focuses on what happens to the business itself, such as management roles, buy-sell terms, and transition timelines. An estate plan governs your personal assets, healthcare decisions, and who has authority to act for you if you cannot.

Most business owners benefit from having both in place and coordinated so that operating agreements, buy-sell provisions, and your will or trust all point in the same direction.

Does My Estate Plan Need to Be Updated If I Move to Another State?

Your existing estate plan does not automatically become invalid when you move from one state to another. However, each state has its own technical requirements for executing wills, powers of attorney, and other documents.

If you relocate, your documents should be reviewed by an attorney licensed in your new state, such as Arkansas or Texas, to confirm that they meet local requirements and will be practical to administer.

What Is the Difference Between a Will and a Trust for a Business Owner?

A will takes effect at death and is typically administered through probate. It can direct who receives your business interest, but the timing and process are subject to court oversight.

A funded trust can allow certain assets, including business interests in some structures, to be managed and transferred by a successor trustee without court involvement. For some owners, that additional continuity and privacy is an important part of their planning. Which approach is appropriate depends on your specific circumstances.

Can the Same Attorney Handle My Business Legal Needs and Estate Planning?

In many situations, having the same attorney handle both your business and estate planning work is beneficial. When one advisor understands your entity structure, operating agreements, and family goals, they can help avoid conflicts between corporate documents and your will or trust.

Because estate planning is part of our broader business law practice, we are positioned to coordinate these pieces for entrepreneurs, privately held businesses, and families who prefer a single point of contact.

Move Your Personal & Business Planning Forward

If you are an entrepreneur, business owner, or part of a family with closely held business interests, aligned estate and business planning can reduce uncertainty for the people who rely on you. Our role is to provide clear options and help you implement a plan that fits your situation.

We keep our process straightforward, from your first visit to our Home page through engagement and execution, so you always know what comes next.

To discuss wills and trusts, business succession, or related estate planning needs, contact The Lively Group at (479) 679-7002 to request a consultation.