If you haven’t looked into estate or business succession planning, you should do so now. As President John F. Kennedy said long ago in his famous State of the Union Address, “the time to repair the roof is when the sun is shining.” Charles Phoenix is a lawyer who has experience in several practice areas including estate planning, corporate law, and business matters. Charles Phoenix has helped many clients preserve their estates, protect their family businesses, and meet their financial goals. Charles Phoenix warned, “The unfortunate truth of the matter is that a poorly planned estate or business succession could result in significant costs, business disruption, confusion, family fighting, and lost assets.”
Whether you have experienced a major family event or your business is moving along as successfully as always, a lawyer like Charles Phoenix can help you identify your opportunities and develop an estate and succession plan to meet your needs and goals. Charles Phoenix says estate and succession planning are musts to achieve goals like:
You Want to Avoid Probate: In the event that you pass away or become incapacitated, you likely do not want your family and businesses to end up in probate court. For one, your wishes may not be carried out – they will be left to the court and family members to sort out. Probate is also a very slow process, and it can end up costing the estate significantly. Depending on the state, probate costs could end up being as much as ten percent of the gross estate.
Probate cases are also public record, so anyone can look up your estate’s debts and assets, as well as all distributions. In some cases, scammers will use this public information to target vulnerable family members.
You Want to Avoid Disruption to the Family Business: If you have a family business, your passing could also cause corporate governance disputes that might diminish the business value or cause operational disruption. Estate and success planning are vital to safeguarding the business for your loved ones.
You Want to Avoid Estate Taxes: One of the most common reasons why individuals look into estate planning services is because they want to avoid estate and inheritance taxes. Many estate planning techniques using gifts and various trusts can help reduce, defer, or eliminate estate taxes altogether.
You Want to Avoid Confusion or Bad Blood: There have been way too many horror stories about friends and family fighting over who gets what from an estate. In a situation where there isn’t estate planning, the end result could be family fighting or costly probate court proceedings. A very emotional period for the entire family occurs during incapacitation in a hospital. Part of a comprehensive estate plan is a living will and health care surrogate designation in order to carry out your wishes in the event you no longer can communicate.
Unfortunately, too many estates have been susceptible to unnecessary costs and fighting. You should take the step toward protecting your assets and your beneficiaries by hiring Charles Phoenix or another attorney who handles these complex matters as soon as possible.