BUSINESS SUCCESSION PLANNING

 

In the era of the COVID-19 coronavirus, business succession planning is more important than ever. It is absolutely critical that a business owner’s last will and testament address the commercial law issues inherent in determining who will run the business after they are gone.

Business Succession Planning in the age of the COVID-19 Coronavirus

The Nissenbaum Law Group provides business succession planning, something which has become truly urgent given the health threat of the COVID-19 coronavirus. This representation involves such items as

  • defining who would take over running the day-to-day affairs of the business if the person in charge were out of commission for any length of time;
  • putting in place the basic corporate formality documentation, as well as planning for such items as the conveyance of underlying real estate and making provision for key-man insurance; and
  • integrating the business succession protocols with the estate planning for the business principal(s).

Our firm focuses on the commercial aspect of these items and will generally function as part of a team involving the accountant, insurance broker and the business principal’s estate counsel.

An empathetic approach to the difficulties inherent in family members litigating against one another

Disputes concerning trusts and estates can implicate a wide range of scenarios: from beneficiaries under a will disputing their respective shares to trustees seeking guidance regarding accounting for trust assets; from whether an unwitnessed will can be probated to whether funds were prudently invested in accordance with fiduciary obligations. In addition, when an elder relative needs round-the-clock care, it can be both expensive and emotionally draining for the caregivers.

This can draw out the worst in people who otherwise have the best of intentions; it can fracture a family. It is important to retain counsel who not only understands the law, but is also sympathetic to the emotional toll involved.

 

The firm’s trusts and estates litigation practice includes disputes relating to the following:

  • The testator’s “donative intent” in a last will and testament;
  • The meaning of the authorization provided in a living will, health care proxy or power of attorney;
  • A trustee’s obligations to estate creditors concerning priority of payment;
  • The elective share statute which protects a surviving spouses’ right to inherit as contrasted with the protections afforded through prevailing matrimonial law;
  • The requirements of special needs trusts that must be enforced to protect the growing population born with—or acquiring—physical or mental deficits;
  • The challenges for same-sex married couples wishing to leave money to their spouses after the Supreme Court’s ruling in United States v. Windsor, 570 U.S. 744 (2013); and

The potential for alternative dispute resolution (ADR), such as mediation or arbitration, to resolve family disputes over these issues.

Looking for advice?

We're here to help.

Contact the Nissenbaum Law Group to schedule an appointment at 908-686-8000 or feel free to use the following form to e-mail us. Please include as much information as you can to ensure that we are able to handle your request as quickly as possible.

Looking for advice?

We're here to help.

Contact the Nissenbaum Law Group to schedule an appointment at 908-686-8000 or feel free to use the following form to e-mail us. Please include as much information as you can to ensure that we are able to handle your request as quickly as possible.

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OFFICE LOCATIONS

MAIN OFFICE

2400 Morris Avenue

Union, NJ 07083

P: (908) 686-8000

F: (908) 686-8550

140 Broadway

46th Floor

New York, NY 10005

P: (212) 871-5711

F: (212) 871-5712

1500 Market Street

12th Floor East Tower

Philadelphia, PA 19102

P: (215) 523-9350

F: (215) 523-9395

100 Crescent Court

7th Floor

Dallas, TX 75201

P: (214) 222-0020

F: (214) 222-0029

PLEASE NOTE Meetings with attorneys by appointment only in Union, NJ; New York, NY; Philadelphia, PA & Dallas, TX offices. Legal services generally performed from the Union, NJ office. The firm has attorneys licensed in New Jersey, New York, Pennsylvania, Texas and/or the District of Columbia. In limited circumstances, the firm may practice in other states under the prevailing multi-jurisdiction rules or through pro hac vice admission.

 

ATTORNEY ADVERTISING.  Any questions regarding this website should be directed to Gary D. Nissenbaum, Esq. (gdn@gdnlaw.com), who is responsible for the content of this website.

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