Readers of our blogs at the Bay Area estate planning Law Offices of Connie Yi know well a mantra that we periodically reinforce for both valued clients and individuals thinking about crafting a tailored plan.
That is this: The universe of estate planning embraces far more than a commonplace focus on will execution. Although making a will and timely updating it as necessary is a core goal for most planners, truly comprehensive and meaningful estate planning often encompasses much more than that in any given case.
The core concerns of planners are often many and varied. They range broadly from asset preservation, lawful tax avoidance and wealth passed along to beneficiaries and heirs to charitable giving, the protection of loved ones with special needs and elder-linked concerns.
And, importantly, they might also centrally include a creator’s realization that strong and on-point business succession planning is a must.
Candidly, required focus on that topic is something that most people would envy. It underscores that an individual or family has something truly valuable to safeguard well into the future.
As we note on our website, “Having a comprehensive business succession plan in place will ensure a smooth transition to the next generation.”
It’s hard to overemphasize the point that heirs will appreciate that.
An experienced estate planning and tax attorney can provide timely and proven guidance on all aspects of succession planning. Relevant matters can range from the appointment of a successor and the clear delineation of transition-linked company goals to relevant business contract drafting and protections against a grantor’s sudden incapacity.
Having a profitable family business is a fortunate reality. Protecting it for future generations makes strong and immediate sense.