An owner or partner in any business should consult with an attorney to discuss business succession and estate planning to ensure his/her loved ones and business will be taken care of in all stages of life. When considering the personal side, a Last Will & Testament, Powers of Attorney (for financial and general business purposes and for health care), and Living Wills should be in place. When addressing the business succession planning, prior to marriage a Prenuptial Agreement should be considered, and business documents should include provisions addressing divorce or separation of the business owners and include buy-sell agreements. Creating a business succession plan that includes the above items, can help address tax implications upon the sale or transfer of a business in the event of a change of ownership, death, or divorce. This plan can also minimize and avoid delays in transferring stock to partners or a spouse. These are all very important things that can greatly assist in smooth transitions in both business and personal life.

Contact the attorneys at Thomas Law Group to discuss both your estate planning and business needs.