Business Succession - why the need to "create a Will" for your Business is so important

Most entrepreneurs and business owners understand the importance of protecting their personal assets by establishing separate entities such as limited liability companies to hold title to assets. However, far fewer realize the importance of coordinating business entities with their estate plans — and in particular with trusts and Asset Protection with an LLC.  At Treveri Law, PC we assist our business clients through all stages of the business spectrum in corporate and business matters.

Including:

  • Starting the business:

    • Choice of entity: LLC, Partnership, S-Corp, C Corp, FLLLPs etc. ​

    • Creation of Operations Agreements and NM State documents

    • Establishing business plans reflecting corporate culture and mission.

  • Business operations:​

    • A corporation does not protect you completely from creditor claims. But if an LLC is properly created with the appropriate legal documents and corporate governance process, a creditor cannot attach the interest of the LLC, but would be limited to attaching the assets distributed from the LLC to the owner.

    • Maintaining the business legal protections through establishing corporate governance standards and regular meetings; ​

    • tax planning (federal, state and local);

    • Reviewing Leases, Buy-sell agreements, Assignments, Non-disclosure agreements and Non-compete agreements and employment agreements; 

    • Establishing employee legal standards (handbooks and seminars)

  • Succession planning​

    • Coordination between the LLC or business entity and the personal Trust so that after you die, the assets go into beneficiary trusts to protect those you love from Divorce, creditors, personal bankruptcy and spend-down to receive benefits for long-term care. 

    • Following through on corporate culture and mission in case of incapacity or unexpected death of an owner; ​

    • Establishing Incentive Trusts for Family Business owner's heirs to achieve successful transition in taking over a legacy business; 

    • Creating intertwined Business and Personal Estate plans so that family members work cooperatively to transition the business and personal assets to beneficiaries, heirs and charities.​​​

You’ve worked hard during your lifetime to build your business, and undoubtedly want to ensure the preservation of your legacy. An experienced wealth strategist and business succession attorney can help you navigate the complexities of succession planning.  Call us at TREVERI LAW, PC at 505-308-8666 today.  

BUSINESS PLANNING: 

At Treveri Law, our approach on developing business plans that will support and work with your estate planning documents is educational, proactive and long-term.  Unlike other firms who only care about developing canned business documents and then worry about reacting to an instance of disability, distress, divorce or death, we do all the planning up front.  Because of our unique focus as Estate Planners and Exit Planning Advisors, we understand the importance of taking a long-term holistic approach toward business planning - from business formations all the way to the sale or transition to the next generation.  We work cooperatively with business brokers, financial planners and wealth managers and before any planning is done we do a deep dive assessment into each client’s individual needs, desires and values versus the business needs, goals and performance. Then we develop plans for both a client's personal needs and their business needs that will work together and grow with the family and the business.  Then we meet with and get to know the next generation through our "family conversations" dialogue to understand their needs, desires and understanding of the family business.   Getting the family involved in discussions regarding personal, family and business planning will also assist the next generation in understanding their roles if they are nominated as fiduciaries for their parents in the case of incapacity.  We then meet with the client and their family board bi-annually to assess the plan, offer proactive feed back to successors and update legal documents as needed.