Succession Planning is part of Estate Planning and is generally considered one generation establishing a plan to transfer a business to the next generation. This process generally starts long before the death of the senior generation. In addition to the Revocable Living Trust, Will, Medical and Financial Power of Attorney forms, the following documents may be part of the plan: leases, deeds, Limited Liability Company documents, buy-sell agreements, options, land contracts, mortgages, security agreements, and promissory notes.

Succession Planning may be a difficult process. What is fair to all beneficiaries is usually the difficult decision. Equal distribution often may not be fair. Children who have been part of the building the business and have spent their lives working in the business may be entitled to a larger share.

We at Wieber Green, PC, have experience in helping clients through this process and preparing the documents to insure the plan is completed.