Making sure Estate Planning coordinates with Asset Protection is not the only important aspect of Integrating planning. Estate Planning should also synchronize with Business Succession Planning. One of the main objectives of Business Succession Planning is to ensure that the business survives its owners with nominal interruption as well as stays outside of court-supervised probate at death. This is also known as Estate Planning for businesses.
It is important to note that small businesses are the most susceptible to lack of Business Succession Planning, however, Business Succession Planning is also important for medium and/or large businesses as well. If proper planning is not completed, a business can become demolished very quickly in the event of incapacity or a death. Also, it is important to note that if a business does not have proper operating documents in place, then there is a high risk that the business will enter probate (along with all of the assets of the business). This can subject a business to the personal creditors of a decedent owner as well as disrupt business operation. Further, if the business does not have an estate plan in place, then business operations can be interrupted and unintended beneficiaries may be able to reach the business and its assets, which would be catastrophic for a business owner.
The Presser Law Firm P.A., Asset Protection Attorneys, represents individuals and businesses in connection with the establishment of comprehensive Asset Protection plans that incorporate both domestic and international components. The Presser Law Firm, P.A. also integrates an individual’s Estate Plan with their Asset Protection and Business Succession Planning. Our attorneys also assist clients to transition their assets to the next generation.
For more information on the revocable living trust or for more information on Asset protection, Estate planning, Business Law and/or Probate please contact the attorneys of The Presser Law Firm, P.A.