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Estate and Business Succession Planning

Everybody needs an estate plan. Yet far too many people procrastinate on this crucial task, or try to 'cut corners' on it - often with disastrous results. The considerations can seem very complex; it's difficult to know where to start; and with whom to consult. Maybe you feel overwhelmed. So you ignore your nagging conscience and tell yourself you'll get to it another day.

We are here to help.

We can guide you through the process of creating a comprehensive and tax-efficient estate plan, whether you are:

• acquiring your first home, or beginning your financial "nest egg";
• newly engaged, or becoming a new parent;
• parents of mature children, possibly now having children of their own;
• parents with special needs children;
• separated or divorced;
• someone who has just received an inheritance;
• elderly, with grown children and grandchildren;
• a self employed business owner, whether a 'start-up' or a mature business with many employees.

Just as no two people are exactly the same, neither are any two estate plans. It is crucial that yours be tailored to reflect your particular circumstances and those of your beneficiaries.

Business owners have the additional challenge of considering the eventual transfer of their business, whether on death or retirement, to a family member or an outside buyer. It is critical for business owners to have a comprehensive succession plan in place to ensure the smooth transfer of ownership and management, with minimal disruption to ongoing operations, employees, customers, suppliers, and lenders. Neglecting this critical process is a major cause of cross-generational business failure.

Professional estate planning can save your estate tax; ensure that your last wishes are properly communicated and carried out; allow for a smooth administration of your estate; and preserve family harmony by greatly reducing the likelihood of a dispute among your beneficiaries, which could lead to painful and costly litigation.

We also provide legal support if you are the beneficiary of an estate, and have questions or concerns on how it is being administered. If you are the Estate Trustee of an estate we can guide you through that complex process.

We can also provide you with counsel and advice regarding preparing a Power of Attorney for Property and a Power of Attorney for Personal Care, to be used in the event that, because of illness or injury, you become incapable of managing your affairs.

If you would like to know more about the services our Estate and Business Succession Services Group offer please visit our information links below or call us to start discussing your business succession plan. We look forward to hearing from you.

Contact:

Daniel C. Barichello dbarichello@kmblaw.com

Suzanna Winsborough swinsborough@kmblaw.com