Nobody likes to think about it too much but inevitably one day you will have to leave your business or farm whether by selling up, retiring, or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees and minimizes the chances of the business or farm having to be sold up when you leave.
Estate planning at our firm goes beyond drafting a will – it includes:
- The assessment of assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
- Establishing a Revocable Trust or Living Trust when appropriate
- Establishing a Durable Power of Attorney when appropriate
- Establishing an Advanced Directive or Living Will when appropriate
Estate planning is an active process of re-evaluating the estate when circumstances in life change such as:
- Newly married couples, new children, or those divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to insurance policies or taxation levels
- The establishment of discretionary trusts
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
Contact us to find out more or to arrange a consultation with an experienced estate planning lawyer in the Greater Tulsa Area.