Estate Planning and Business Succession PlanningExcellence. Integrity. Perseverance.
Estate Planning and Business Succession Planning
Estate Planning is the process of preparing various documents (such as a will or trust) to appoint fiduciaries and list beneficiaries for the distribution and/or management of assets. For high-net-worth families, we provide sophisticated estate planning strategies.
Estate Planning Documents:
- Revocable Trust Agreements
- Irrevocable Trust Agreements
- Special Needs Trust
- Qualified Personal Residence Trust Agreements
- Durable Power of Attorneys
- Medical Power of Attorneys
- Living Wills
- Pre-need guardian forms
- HIPAA authorization forms
- Lady Bird Deed
Business succession planning is the process of identifying and developing new leaders who can replace old leaders when they retire, suddenly become incapacitated or die. Without a succession plan, a business is left scrambling to find a replacement and recover lost assets during the delay. Moreover, employees and clients may leave the company for fear of instability.
Succession planning is important for both family-owned business and large corporations. Having worked hard to build a successful business, owners want to avoid a tumultuous transition and ensure that their business will keep viable.
Typically, succession planning involves either “retention” or “buy-sell retention.” Retention planning involves keeping the business or shares with the family, who will retain control of the assets. Buy-sell retention planning offers the other shareholders or vital employees a larger stake in the company. Interested parties in the plan may be granted the right of first refusal and a predetermined valuation mechanism will control the price of the shares. Our firm can help owners and shareholders plan for the future and a smooth transition.
Business Succession Process:
- Choose Successor
- Develop a formal training process
- Setting a timeline
- Execute the Succession Plan