BNY Mellon Wealth Management Tax and Estate Planning Strategist Jere Doyle joins Wealth! to break down how business owners can best navigate estate planning.

Doyle stresses the importance of a succession plan to ensure a smooth transition in the event of retirement or a sale. For family businesses, he explains, "the big issue is you want to make sure that if your children are going to take over the business, that they are, in fact, competent to run the business. If they're not, a lot of businesses want to go out and get outside professional management."

On the tax side, Doyle says, "You got to think about the fact that the exemption is going to decrease. And maybe you want to be in a position where you use the exemption now maybe to transfer part or all of your business down to a lower generation before the exemption decreases... and we've been telling people for a couple of years now, use it or lose it."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Melanie Riehl