Effectively coordinating the management of powers and the recipients of the benefits of business and other assets in the event of your disability or death is complex, but essential.

By James T. Stimler, Esq.

Effectively coordinating the management of powers and the recipients of the benefits of business and other assets in the event of your disability or death is complex, but essential, for at least the following reasons:
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• Business equity and operating documents frequently contain customized powers, rights and responsibilities, especially if more than one family is involved.

 

• Specific positions and provisions are usually required to qualify for available tax advantages. 

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• Financial institutions have their own document requirements, processes and limitations.

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• Business legal frameworks have unique requirements. ​

 

• There is mandatory text required to be included in trusts, wills and powers of attorney in order to achieve certain desirable results regarding, for example:  use of personal or business assets; access to electronic assets; the ability to continue the operation of a business; to have full powers over real estate; to avoid restrictions on purchasers; to avoid extra probate court proceedings.

The backbone of a successful business is knowledge, planning and deliberate action. Likewise, the core competencies to develop the desired effective, efficient, coordinated and well-documented plan to manage a business and other assets in the event of one’s disability or death are knowledge, planning and deliberate legal document preparation.  To avoid an incomplete or ineffective business, disability or estate plan framework, you need an attorney who will thoroughly and respectfully assist you to position yourself and your family to avoid unacceptable negative outcomes and to defend against avoidable expensive hassles for you and your loved ones.  With over 40 years of experience in business, real estate and wills trusts and estates law, and his expertise as an OSBA Certified Specialist in Estate Planning, Trust and Probate Law, Attorney James T. Stimler can help you effectively coordinate the management of your business and other assets in the event of your disability or death.

Connect with Attorney James T. Stimler and Follow Stimler Law Offices on LinkedIn.

​This blog article is for general educational purposes only and may not be relied upon as legal advice from the author to the reader.

© 2019 James T. Stimler, Esq.