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Planning to Pass on the Family Business, Elder Law Attorney, Woodstock, GA


If you own a family business, then planning what will happen to that business after you pass away is an important part of planning for your estate. Fortunately, with careful planning it does not have to be a difficult process.

 

Many family businesses have failed because the founder did not properly plan for what would happen to the business after the founder passed away. If you want your business to outlast you, then succession planning is vital. If not done properly, your heirs will not know what to do and the odds that the business will fail are very high.

Recently, the Wills, Trusts & Estates Prof Blog published some tips on succession planning in an article titled Three Tips on Succession Planning.”

The tips include:

  • Keep compensation for being a part of the business and any inheritance separate, making sure younger family members are invested in the business.
  • Train younger family members how to run the business and teach them about financial responsibility at the same time.
  • Communicate your succession plan clearly, but keep it flexible enough so it can change when circumstances change.

If you have questions about making a succession plan part of your estate planning process, talk to an experienced estate planning attorney about it.

Reference: Wills, Trusts & Estates Prof Blog (January 22, 2015) “Three Tips on Succession Planning.”

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben