Business Succession

Estate Planning with a business succession plan is about transferring the management and value of a business while also protecting your family and the ones closest to you. More, it is about being prepared for potential incapacity and your passing. Some tools that may be used in an estate plan with business succession could include:

• Buy-Sell Agreements – To prearrange transfer of business interest.
• Last Will and Testament – To establish what should happen with your children and to put any assets outside of your trust into a trust.
• Revocable and Irrevocable Trusts – To avoid probate, give management of assets to a trustee, and ensure for family maintenance.
• Special Needs Trusts – To provide for support for a loved one who receives benefits from government programs that may be impacted by receiving funds from a trust.
• Powers of Attorney – To give control over financial affairs should you become incapacitated.
• Advanced Directives – To give control over medical decisions should you become incapacitated.
• Legacy Plan – To takes the certainty and comfort of your presence in your family and friends’ lives today and projects it into the future to give that same certainty and comfort after you are gone.

Winston Churchill said, “He who fails to plan is planning to fail.” The truth is, if you don’t think you have an estate plan, the State of California actually has one for you. Unfortunately, giving California the duty to decide about matters concerning your family’s care and management of your assets upon your death is, most of the time, a plan for failure. Going through the probate process is expensive, impersonal, public, and takes years before your loved ones can get what you wanted them to have.

If you want to avoid these scenarios, and if you are ready to take control of your asset protection as well as your family’s future, an estate plan is right for you.

It’s best to involve an attorney that specializes in estate planning with business succession. You will be involved in the design of your estate plan and determining who you want to help you if you become incapacitated and upon death. These individuals can be family, friends, or professionals who have a certain skill set to walk with you during incapacitation or handle your estate when you are gone.

Financial planning is about managing your money and getting the best return on your money. Estate planning is about passing that money onto those you care about and protecting it.

Life happens and unexpected events occur. It is highly recommended that you update your estate plan at least every three years. Moschetti Law Group offers a  365 Legacy Assurance Program that allows for changes, updates, questions, newsletters, and educational opportunities. Contact us to learn more!