Ada-Icon
Required

Succession Planning Mistakes to Avoid, Elder Law Attorney, Woodstock, GA


One of the most difficult things for family business owners to contend with in their estate plans is how to pass on the business to the next generation. Careful succession planning is required if business owners want to avoid making common mistakes.

Many family businesses begin life as the dream of a driven founder who guides the business to success. However, after that founder passes away, the businesses often flounder in the hands of the next generation.

While this is not always avoidable, it can be made less likely by avoiding common mistakes in succession planning.

Recently, the Wills, Trusts & Estates Prof Blog published a list about how to avoid those mistakes in an article titled “Succession Plan Considerations.”

The list includes:

  • Start succession planning sooner rather than later.
  • Bring in outside advisors to help determine who is the best person to manage the company after the founder passes away.
  • Get an appraisal to have an accurate assessment of the value of the business.
  • Make the plan and open dialogue with possible successors and family members.
  • Do not forget to plan for the estate tax to make sure key parts of the business do not need to be sold off.

If you have questions about how to properly plan for your business after you pass away, consult with an estate planning attorney about how to make succession planning part of your estate plan.

Reference: Wills, Trusts & Estates Prof Blog (April 6, 2015) “Succession Plan Considerations.”

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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

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

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