Frequently Asked Questions

Selecting the right successor for your business depends on several factors, including skills, experience, and compatibility with your business goals. It’s essential to assess the candidates’ ability to manage the company, understand the business’s culture, and maintain relationships with employees, clients, and partners.

If you are the sole owner of your business, asset protection strategies may include forming an LLC or corporation to separate your business liabilities from your personal assets. Additionally, having a strong estate plan, insurance coverage, and a clear succession plan in place ensures that your business is protected in case of unexpected events.

A comprehensive business succession plan should include clear instructions for transferring ownership, selecting a successor, outlining the responsibilities of the new owner(s), and addressing tax implications. It may also involve the creation of buy-sell agreements, insurance policies, and strategies for managing leadership transitions.

A business succession plan is critical for ensuring the continuity of the business and protecting its value in the event of the owner’s exit. It helps avoid conflicts among family members or partners, minimizes tax liabilities, and provides clarity for family, employees and clients.

Business succession planning is the process of preparing for the transfer of ownership and management of a business when the current owner retires, becomes incapacitated, or passes away. It involves determining who will take over and how the transition will occur to ensure the business continues smoothly without disruption.

Business asset protection focuses specifically on protecting the company’s tangible and intangible assets from risks like lawsuits or creditor claims. Individual asset protection, on the other hand, is aimed at protecting personal assets. While both share some strategies, business protection often involves legal structures like LLCs, S-Corps, and trusts designed for business entities. For the best protection, business asset protection should be coordinate with your estate plan.

There are several ways to protect business assets, including forming limited liability companies (LLCs), corporations, or trusts. Additionally, ensuring proper insurance coverage, using asset protection agreements, and segregating personal and business assets can help reduce risks.

Business asset protection involves strategies and legal structures that help safeguard your business assets from lawsuits, creditors, and other risks. It ensures that the business’s valuable assets, such as intellectual property, real estate, and equipment, are protected from potential threats.

An attorney specializing in elder law and long-term care planning helps you navigate complex legal, financial, and healthcare issues related to aging and care. They can assist in drafting legal documents, establishing trusts, advising on Medicaid eligibility, and creating a comprehensive plan tailored to your needs.

A trust can be a key component of long-term care planning, as it allows you to protect assets while ensuring eligibility for Medicaid. By transferring assets into an irrevocable trust, you may be able to safeguard your wealth from nursing home costs and avoid the need to spend down your assets.

There are several strategies for protecting your assets from the high costs of long-term care, including establishing irrevocable trusts, using Medicaid planning, or purchasing long-term care insurance. A lawyer specializing in elder law and asset protection can help you navigate these options.

Long-term care insurance is a policy that helps cover the cost of long-term care services, such as nursing home care, home health care, and assisted living. It can be a good option for those who want to protect their savings and assets from the high costs of long-term care, but it’s important to evaluate the costs and benefits carefully.

Medicare typically does not cover long-term care, such as assisted living or nursing home care, unless it’s part of a short-term rehabilitation plan after a hospital stay. Private health insurance may offer some limited coverage, but long-term care insurance or Medicaid is often necessary for extensive coverage.

It’s always a good idea to seek professional guidance to settle the decedent’s affairs, as issues may arise years down the road, and problems can be prevented. Consulting a probate attorney can help avoid future legal challenges or complications.

After your consultation, we’ll craft a tailored plan that fits your specific needs and goals.

Most initial consultations are free of charge. To receive an initial consultation, you’ll provide us with some information about your needs and goals during your initial consultation request. After that, we’ll provide you with an intake form so we can assign your case to the right person to explore how we can help.

Request your initial consultation here.

Estate planning is the term we use to describe the set of legal documents that determine what happens to the things you own upon your passing and who will be in control of that process. In addition, a comprehensive plan will also name who will make decisions for you if at some point you are unable to make your own decisions about your health or finances. Learn more about our Estate Planning services.

Estate administration is the process of managing the affairs of the estate after a loved one passes. It can involve the probate process, trust administration, and the managing of estate assets. Learn more about our Estate Administration services.

The cost for long-term care varies based on the type of care chosen. Long-term care can include in-home care, retirement communities, assisted living communities, or nursing homes. Out-of-pocket cash, long-term insurance benefits, Medicaid long-term care benefits, or VA pension benefits can all be options to pay for long-term care.

Probate is the legal process in which a Will is validated, debts are paid, and assets are distributed. It can also involve special procedures when a person dies without a formal Will. Learn more about probate.

Long-term care is a need for care that arises from an illness or injury that is expected to have a lasting impact on a person’s ability to perform the basic activities of daily living. Learn more about long-term care.

Many people choose to create Trusts to protect their savings and quality of life now and ensure the inheritance they leave behind makes it safely into the right hands after they pass.

A Trust is a legal entity in which one party (the trustmaker) gives another party (the trustee) the right to hold and control property for the benefit of a third party (the beneficiary). Like an individual, a Trust can own, buy, and sell accounts and property, as well as distribute income. Learn more about Trusts.