A Unified Front: Succession Planning Lawyers and Estate Planning Lawyers Collaborate

The Intersection of Business and Personal Wealth:
Business owners often find that their personal wealth and business interests are inextricably linked. Addressing these intertwined concerns requires the expertise in both corporate business law and estate planning law. While business succession planning focuses on the transfer of ownership and leadership within a company, estate planning addresses the overall disposition and management of an individual’s assets, including their business interests.

For entrepreneurs and business owners, safeguarding the future of both their business and personal assets is a top priority. Your estate planning lawyer may advise you to work with a business succession planning lawyers to ensuring the seamless transition of wealth and leadership. It is recommend that Succession Planning lawyers act at the direction of and in consultation with Estate Planning lawyers, although the two matters could remain distinct. And Estate Planning attorneys generally have the expertise to handle small business succession plans.

Collaborative Planning for a Comprehensive Solution:

When business succession planning lawyers and estate planning lawyers join forces, they can offer their clients a holistic solution to their unique needs. Here are some key areas where their collaboration proves invaluable:

  1. Business Valuation: Establishing the value of a business is essential in both business succession planning and estate planning. Business succession planning lawyers assist Estate Planning lawyers to provide a secure exit plan from a business building value in retirement.
  2. Structuring the Transfer: Determining the most appropriate exit structure from a business is a complex process that requires consideration of various factors, including potential liability concerns. Business Succession Planning lawyers can advise the structure to fill wealth gaps in the retirement plan, while Estate Planning lawyers can ensure that the structure aligns with the client’s overall estate plan.
  3. Buy-Sell Agreements: Buy-sell agreements are a possible component of a succession plan. When used they outline the terms and conditions under which a business interest may be transferred. Estate planning lawyers collaborate with business succession planning lawyers to ensure that these agreements are used only where consistent with the client’s overall estate plan and that the appropriate funding mechanisms are in place.
  4. Coordination with Other Professionals: It is wise practice to employe the Estate Planning lawyer a the point person. Estate planning lawyers may coordinate with a Business Succession Planning lawyer and other professionals, such as accountants, financial planners, and insurance agents. This way you can be confident your plan is comprehensive and well-coordinated. Tangent: Lawyers have an elevated duty to their clients in a way that other professionals do not, and cannot, share. Be reluctant to work with a financial professional that is unwilling to act on your behalf as a “fiduciary”.

For business owners, the future of their company and personal assets are of utmost importance. By partnering with both business succession planning lawyers and estate planning lawyers, clients can benefit from a comprehensive, coordinated approach to securing their legacy. Through collaboration and a shared commitment to their clients’ best interests, these legal professionals can offer invaluable guidance and support as clients navigate the complex landscape of wealth transfer and business continuity.

Zamzow Fabian PLLC work with estate planning lawyers as business succession planners.