How to Plan Your Estate with a Family Business
Creating a succession plan for your business in the event of your unexpected disability or death is critical for every business owner. Developing a well-thought-out succession plan as part of your overall Estate Planning will preserve all the hard work, sacrifice, and dedication that went into building your business. A legally sound succession plan for your business will provide a solid foundation for the business to thrive in the future. The right succession plan for you is unique and must be tailored to each business, based on its specific set of circumstances. To start, it is imperative to consult with financial and legal professionals to help you create a succession plan which works best for your business and your vision for its future. Engaging an experienced and trusted estate planning attorney to lead you through this business succession plan process will serve you well. It is essential not to wait, you never know what tomorrow brings. Therefore, start now and include your designated successors in the process so that your plan for the future is as smooth and seamless as possible.
If you’ve found yourself looking for an “estate attorney near me”, ZM Law Group can help. We have extensive experience with business succession planning within many different industries and offer ongoing legal guidance and support to you and your business throughout the process.
Why Create a Business Succession Plan?
Business succession planning gives you the peace of mind and opportunity to shape your legacy for the future. Creating legally binding documents outlining your vision for the future of your business ensures that your plan will be implemented according to your wishes. The financial stability of the business will serve to protect your family as well. Designating the ideal successor for your business, one who will continue to run and grow the business, will provide peace of mind and financial stability for your family when you are gone.
Making Sure Your Business is Structured Properly for Estate Planning
An experienced estate planning attorney can help make sure your business structure is legally sound and prepared for all future challenges. Whether your business is a sole proprietorship, a limited liability corporation (LLC), a partnership, or a corporate entity, your succession plan must work within the framework of these specific legal entities. The right business attorney with experience in these legal frameworks will help you navigate through these complex legal issues and establish the proper legal structure for your current and future business plans.
Planning Your Documents
First and foremost, a lawyer for wills can help you create a personal estate plan, including a last will and testament and a durable power of attorney that sets forth your plans for the distribution of your assets and a succession strategy for your business. The durable power of attorney is imperative to empower a designated individual to keep your business running smoothly if you unexpectedly become mentally and/or physically impaired. Taking these steps now to protect your business is an essential safeguard. Consult an estate lawyer to help you secure your family’s financial future and maintain your business’ stability both now and in the future.
How to Choose the Best Person for Succession
When choosing the right person for business succession, you can consider family members, employees, trusted friends, or business partners. It is important to evaluate such individuals’ experience, trustworthiness, reliability, and personality. A strong candidate should share your vision and desire to grow and persevere. Identifying qualified individuals, engaging in candid discussions and mentoring them while you are still in charge is imperative to picking the right successor to take your place. Open and ongoing communication is key during succession planning to ensure your vision is properly executed.
To advise you during this process, help you choose the right succession candidate and provide you with sound legal guidance throughout, having the right estate planning attorney by your side is key. At ZM Law Group, we are ready to assist you with this process and all other estate planning needs.
Looking for an Estate Planning Attorney? Contact ZM Law Group.
ZM Law Group is a Maryland-based law firm, in Baltimore County, also serving Howard County, Carroll County, Anne Arundel County, and many other Maryland Counties with a dedication to offering the best estate planning and all other business law needs. Looking for an “estate lawyer near me” or a “business lawyer near me”? Protect your investments by contacting ZM Law Group today, and be confident that your business and your family will be protected now and in the future.