Maybe you don’t own a business, but we’re sure that you know at least one person that does.
In the world of estate planning, we hear a lot of stories about businesses that tank with the passing of the owner. In many cases, the business and its shares do actually come under the ownership of those that your estate plan has designated, but, it is all too common that the recipients are simply not business-savvy enough to keep it profitable.
What if you’re chosen benefactor is your wife, husband, or children? How do you want the shares to be divided? Do you want principle ownership to belong to one person or many? What state is the business located in, and what state do your heirs live in? These questions do not even SCRATCH THE SURFACE of what a good estate attorney must consider
The laws and regulations that dictate the passing of a family business are fluid and change with location and value. The business side of estate planning is complicated and often times handled improperly.
With a plan that does not fully take into account all the variables in place, you or your friend runs the risk of losing up a significant percentage of their business in the probate process alone. That’s why it is so important that your attorney is skilled enough to handle the responsibility of planning for a business when putting together your estate plan.
John M. Coppola of the Coppola Law Firm is trained and experienced in this area of law, and are ready to put together a plan that is tailored specifically to your company.
We also understand that your potential heirs may not be businessmen and businesswomen. There are ways that ownership can pass to the correct person while still maintaining your business by delegating the operations of your business to a more competent individual until your heir believes that they are skilled enough to handle the business on their own.
The field of estate planning law is always complicated, and sometimes convoluted and redundant. That’s why it is so important that you hire an attorney that is ready to take on such a momentous task as dividing an entire enterprise to those that it rightfully belongs and those that have the experience to run it. Never settle for less. You will, in the end, pay more in fixing mistakes, than you will in investing in a great attorney.
Call us; we’re ready to help!
Category: Estate Planning