Business Succession and Estate Planning

“Avoid common mistakes and execute a plan that accomplishes what you want.”  It sounds simple, but many times the documents people have in place do not meet their needs or are outdated and fail to take into account tax and estate law changes.   Our key goal in estate planning is to help the client determine what it is they want to accomplish and coordinate with the tax and legal experts who can draft and execute that plan.

When a family business is involved, the estate planning process can become more complicated.  In the example of a family farm, there may be non-farming and farming children to take into consideration, along with highly appreciated land values and estate tax liability.   Estate planning should address:

  • Asset Protection
  • Responsible Transfer of Wealth to the Next Generation
  • Charitable Goals
  • Gifting
  • Proper Titling & Ownership of Assets
  • Estate, Gift and Income Taxes
  • Life Insurance & ILITs
  • Revocable, Irrevocable & Testamentary Trust Planning vs. Simple Wills
  • Disability and/or Mental Incapacity
  • Elder Law Planning, Long Term Care, and Home Health Care
  • End of Life Decisions

This is not an exhaustive list, but is some of the more common concerns.  In order for an estate plan to work, it must be tailored to your specific situation, risks, and goals.