The day-to-day aspects of running a small business can be overwhelming, let alone planning for tomorrow. But if you became sick or injured, what would happen to your business? If you died prematurely, who would inherit your stake and would the business continue?
Just as people have a last will and testament, a business should have an estate plan. My name is Angela Hansen, a business law, family law and estate planning lawyer in Rockville, Maryland. I can help you create a detailed business succession plan for whatever may come.
Hansen Legal & Mediation Services serves small businesses in Montgomery County, with an emphasis on family-owned enterprises. I welcome business owners of all walks of life, including minority couples and LGBTQ couples.
Montgomery County Family Business Succession Planning Attorney
All too often, business operators and their spouses are unprepared for tragedy, such as a catastrophic fire or the partner's death or incapacity. If the husband's name is on the accounts and the lease, does the wife have legal authority to step in? Does she know where to begin? Is there a concrete plan to sell the business or pass the reins to a new generation?
Business succession planning is the process of anticipating different scenarios, creating the legal documents, and having them recorded and at the ready. I can help you address:
- Succession — Passing ownership and control of the business to a spouse or adult children in conjunction with your personal will and estate plans.
- Trust planning — Placing business assets outside of your estate to avoid the delays and expense of probate, and to protect heirs and the business from creditors or lawsuits
- Power of attorney — Authority to conduct transactions and day-to-day management of the business on your behalf
We can't predict the date of our demise or a disabling event, but we can prepare for the possibility. For a free consultation with a Rockville business succession planning attorney, call (301) 517-5729 for a free consultation, or contact me online.