In the world of estate planning, we hear a lot of stories about businesses that tank with the passing of the owner. In many cases, the business and its shares do actually come under the ownership of those that your estate plan has designated, but, it is all too common that the recipients are simply not business-savvy enough to keep it profitable.
What if you’re chosen benefactor is your wife, husband, or children? How do you want the shares to be divided? Do you want principle ownership to belong to one person or many? What state is the business located in, and what state do your heirs live in? These questions do not even SCRATCH THE SURFACE of what a good estate attorney must consider
The field of estate planning law is always complicated, and sometimes convoluted and redundant. That’s why it is so important that you hire an attorney that is ready to take on such a momentous task as dividing an entire enterprise to those that it rightfully belongs and those that have the experience to run it. Never settle for less. You will, in the end, pay more in fixing mistakes, than you will in investing in a great attorney.