top of page

What is Business Succession Planning?
A business succession plan allows a business owner to hand over their business in the event of the owner’s exit due to retirement, disability, death, or other reasons. Having a business succession plan in place allows the business owner or owners to control what happens to the business rather than relying on state law.
In the event of a death or disability, without a succession plan in place state law steps in to determine a company’s future. It’s vital to build a succession plan that addresses disability, mental impairment or death - including the establishment of leader and owner roles, with a plan for an orderly transition.
Benefits of Early Planning

Minimizing Tax Costs

Holding Business Assets in Protected Structures

Continuing the cash flow to the business owner post succession

Ensuring a successful transition of management to the family members
-
How do I choose people to name as agents?Financial Agent: a financial agent must be someone you trust completely to manage your funds when you are not able. This person will pay bills, manage your 401k, and manage all financial situations. Your agent does not have to be related to you—select a person whom you trust. Healthcare Agent: this agent acts under the authority of power of attorney. Your chosen healthcare agent will make healthcare-related decisions for you when you cannot make them for yourself. It is imperative that this agent has engaged in detailed and intimate conversations with you regarding the levels of care that you would want them to take.
-
What if my intended agents do not live near me?Location of your agent should not be an issue in this age of electronic communication and technology. Scanners, telephones, and computers allow for finances to be handled securely from afar. Make certain to keep the contact information for your named agent up to date however.
-
What if I don't have anyone to name as an agent?An agent is someone who agrees to serve as your representative, often a relative or a child, however the agent can be anyone you trust to carry out your wishes. Depending upon the size of your estate, you may also create a trust and appoint a corporate trustee. Geriatric care managers can sometimes handle medical-based decisions. This is usually under a fee-based arrangement. If you do not have anyone you trust to name as your agent, get your affairs in order and organized, and speak to an elder law attorney about your potential options.
-
Is it okay for my executor to be out-of-state?Yes. Most states allow an executor who lives out of state to be named as the executor. Each state has its own rules for the requirements of such an executor.
FAQs
Consultation
SCHEDULE AN EVALUATION

Blogs
bottom of page