As a small business owner or a family business owner, your company is your legacy – a means to provide for your family and valued employees, giving them financial security and a rewarding career. But the reality is that all that can quickly fall apart if you don’t have the right estate plan.
Is an Elder Law Attorney Enough?
There are many different specialties in law and elder law attorneys offer clients services with considerable practical value. They specifically deal with issues that are highly relevant to small business owners, including:
- Creating a Last Will and Testament
- Creating Power of Attorney and Healthcare Proxy documentation
- Developing Medicaid asset protection strategies
- Handling long-term care insurance and planning
- Creating trusts
- Inheritance tax avoidance
They deliver expertise, counsel and representation around many important legal and financial issues that affect seniors and their loved ones – but the reality is that this isn’t enough when you own a small business or run a family business.
NJ Business Succession Planning Protects You, Your Legacy and Your Loved Ones
It’s always difficult to consider a time in which you’ll no longer be around – but it’s essential to do so if you want to continue to achieve the goals that you set out to do when you started your own business.
Without strategic business succession planning, family-owned and small businesses face a high risk of failure once the owner retires or passes away, being vulnerable to issues such as confusion over who will take on what role, who should or will inherit control over the business, and even family infighting.
With larger organizations, business succession planning is seen as a given – a way to ensure the smooth running and stability of a business whatever may occur – but small businesses often overlook these benefits because it’s an uncomfortable conversation. In fact, around 58% of small business owners have no succession plan at all.
And it’s not just about protecting the company you’ve built from the ground up – it’s about effectively dealing with tax issues and skills development, and developing a strategy of what to do when or if there is no family member or employee available to take on the role. And this isn’t just about your sons and daughters, but the generations that come after them too. It’s not about walking away from your company or stepping back in your role; it’s about ensuring you have the flexibility and peace of mind to define your role as you get older.
Who Do I Call? An Elder Lawyer for Businessmen
Elder lawyers who also specialize in business law will help you develop an estate plan and business succession plan that helps secure the future of your business and delivers the peace of mind you need to focus on growing and managing your company. You’ll receive the highest quality legal expertise and guidance you need from Frank R. Campisano. In addition to NJ business succession planning, you can also prepare additional estate planning documents, such as your Last Will and Testament, Healthcare Proxy/Medical Directive, Power of Attorney documents and trusts. For more compassionate legal guidance and a free consultation, please contact us or visit our website at https://www.scclegal.com/