Family Business & Estate Planning
Many families are more complex than they have been at any other point in history. People own more properties, businesses, investments and assets than ever before. In addition, there are more ‘blended’ families with children from each spouse coming together after the marriage.
While this is certainly a good thing and has helped to improve the overall quality of life in the country, it does present some issues that need to be addressed. One of the most important areas is in that of family business and estate planning.
PLANNING YOUR FAMILY BUSINESS
If you own a family business, it is absolutely essential that you have a plan in place regarding what will happen in the event that you die (or your spouse dies if you are joint owners). This isn’t strictly a matter of finances, though that is a big part of it. You have to keep in mind that your employees will be heavily impacted if you should pass away.
You should take the time to plan out who will take over your business, and how that will occur, as soon as possible. This will help to ensure a smooth transition that allows your family business to continue operating with minimal interruptions. We can help you with all of this planning, and get everything in place to ensure there are no unnecessary complications.
If you are getting a divorce, you will need to go through all your business plans and update them to reflect the change in status. With our help, your business can continue to be successful even after your marriage has ended.
Even if you don’t own a family business, you will still need to think about estate planning. If you are like many families, you likely own a home, several cars and possibly other properties. You also may own valuable items like jewelry and electronics. When one or both of the spouses pass away, you want to be sure that these things will pass to your loved ones as quickly and easily as possible.
The best way to ensure this happens is to set up a comprehensive estate plan that covers all your primary assets. We have years of experience helping families to identify the items they own, and how they should be handled after your death. Remember, this is far more than just a simple will. We can help your assets to avoid probate and give your loved ones many great benefits that are unavailable any other way.
Contact our law office in New Rochelle, New York, by calling (914) 738-7765 for a confidential consultation about your divorce or other family law matters. Attorneys at our New Rochelle office serve clients throughout Westchester and New York City.