Estate Planning and Business Succession Planning

Estate Planning is the process of preparing various documents (such as a will or trust) to appoint fiduciaries and list beneficiaries for the distribution and/or management of assets. For high-net-worth families, we provide sophisticated estate planning strategies. 

Estate Planning Documents: 

• Wills
• Revocable Trust Agreements
• Irrevocable Trust Agreements
• Special Needs Trust
• Qualified Personal Residence Trust Agreements
• Durable Power of Attorneys
• Medical Power of Attorneys
• Living Wills
• Pre-need guardian forms
• HIPAA authorization forms
• Lady Bird Deed 

Business succession planning is the process of identifying and developing new leaders who can replace old leaders when they retire, suddenly become incapacitated or die. Without a succession plan, a business is left scrambling to find a replacement and recover lost assets during the delay. Moreover, employees and clients may leave the company for fear of instability. 

Succession planning is important for both family-owned business and large corporations. Having worked hard to build a successful business, owners want to avoid a tumultuous transition and ensure that their business will keep viable. 

Typically, succession planning involves either “retention” or “buy-sell retention.” Retention planning involves keeping the business or shares with the family, who will retain control of the assets. Buy-sell retention planning offers the other shareholders or vital employees a larger stake in the company. Interested parties in the plan may be granted the right of first refusal and a predetermined valuation mechanism will control the price of the shares. Our firm can help owners and shareholders plan for the future and a smooth transition.   

Business Succession Process:

1. Choose Successor
2. Develop a formal training process
3. Setting a timeline
4. Execute the Succession Plan 

Contact The Law Firm of Arianna M. Mendez, PLLC online or by calling (786) 442-2984.