Wills, Trusts, Estate Planning,
Business Succession Planning
- Distributing assets in a manner consistent with a person’s wishes; often, families want the surviving spouse to enjoy the benefit of the assets while alive, with whatever is left going to children, grandchildren, etc.
- Avoiding the interference of local courts in the disposition of those assets; the probate process is such that whatever assets are titled in an individual’s name alone are usually subject to the jurisdiction and control of the probate court. This often results in the requirement to obtain court approval, creating an otherwise avoidable delay in transferring and distributing assets.
- Protecting beneficiaries from themselves and potential creditors. It is not uncommon for children to have issues with spouses, ex-spouses, creditors, and others who seek to have access to a child’s inheritance. A properly instituted plan can provide significant protection against these unwanted contingencies.
- A client who owns a business intended for transfer to the next generation will want to use a structure which will provide the seamless and efficient transfer of a family business from one generation to the next, and the secure and tax efficient disposition to one or more future purchasers. Options include using a voting and non voting capital structure which enables the senior generation to maintain limited control while enabling the junior generation to participate in the growth of the business.
- A client who owns a business intended for sale will want to structure the business in such a way which will provide a "stream of cash" while selling the bulk of the business. Options include selling the business while retaining title to the underlying real estate.
- A client who wishes to share a business with the same generation, or entities or non familial individuals will require documentation sufficient to accomplish the sharing of revenue while retaining control of the entity.