Estate Planning

Most people know they need an estate plan. But few people know what that actually means. This has become quite clear to us, as over the years people have come into our office expecting to spend thousands of dollars to make a simple will.
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“You better think (think)
Think about what you're trying to do to me
Think (think, think)
Let your mind go, let yourself be free”

When the late, great Aretha Franklin penned this power ballad of the 1960s she made sure she held the right to collect royalties from it. She also demanded to be paid in cash before many performances. Her business savvy helped her amass a fortune worth an estimated $80 million.

But she made one big mistake that is going to cost her children a lot of money — she thought about making an Read more . . .

Running a closely-held business can be a rewarding experience as well as a lucrative adventure, however, a lifetime of hard work can be undermined without proper planning. One common mistake of many small business owners is failing to plan for the possibility of incapacity or the inevitability of death. If you intend for your business to survive into the next generation, it is crucial to establish a business succession plan.

Key Elements of Succession Planning

The first consideration in designing a business succession plan is selecting a successor, whether that individual will be a family member, another partner or business owner.

Regardless of who takes the reins, it is crucial for a successor to have the necessary skills, experience, as well the desire to lead the business. At times, a family member may be positioned to take over, however, often times other business partners or key people are better equipped to do so. In any event, the succession plan must clarify the rights and responsibilities of the successor, specify guidelines for operating the business, and establish a method for resolving disputes. Of course, a critical component of any business succession plan is determining the value of the business.

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Let’s face it: anyone can suffer a serious injury or illness at any time and be unable to manage their affairs or make decisions about their healthcare. One way to protect yourself, your assets and your loved ones is by consulting with an estate planning attorney about advance medical directives, such as a healthcare proxy and a living will.

What is a healthcare proxy?

A healthcare proxy -- or durable power of attorney for healthcare -- allows you to designate a trusted person such as a spouse, a parent, an adult child, or a close friend to make medical decisions according to your preferences.
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Your daughter or son has just turned 18 and they are getting ready to head off to college or start a gap-year plan. Congratulations! They are taking those long-awaited first steps into the adult world. Of course, we still need to be there to give them a helping hand when the chips are down. The question is: “Will we be able to?”

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