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Why spend a lifetime accumulating assets and then spend an hour deciding how they are to be distributed? The next area of law that Lawyers will work on a contingency basis will be estate litigation. Lawyers may be retained to oppose the orderly administration of the Estate in an effort to obtain more assets for their client. In order to avoid a family feud, you need to spend the right amount of time to ensure that your wishes and objectives are met in your Estate Plan. It is not just a will, it is a plan.
At Cooke Law we take the right amount of time with our clients in the Estate Planning process to make sure that the Estate Plan avoids a family feud, estate litigation and minimizes taxation of the Estate.
Business Succession Planning is term used to describe the strategy for the disposition of a business by the owner or owners. The disposition of the business may be made by the transfer of the business to a family, usually sons and daughters or to a third party, possibly a competitor. Another possible strategy is to take the business from privately held to a public corporation. Each business is unique, therefore every strategy will be planned to meet the needs of the owners.
Business Succession Planning involves a number of disciplines, skills and experience in order to create the right strategy. Business Succession Planning involves tax planning, retirement planning, corporate planning and estate planning. You also have to understand the dynamics of family businesses.
We at Cooke Law have a significant amount of experience in Business Succession Planning. We feel that our firm is very well suited to provide the skill and expertise necessary to create the right strategy for our clients.
Our Planning Process
We conduct initial interviews with the owners to determine what their objectives are in the disposition of the business. Do they want to transfer the business to family, sell to a third party or take the business public.
Depending on their objectives, we then start to plan. We work closely with the clients' accountants and other business advisors.
We also practice risk management, ensuring that the owner is protected from former creditors, liabilities and in some situations from family members. We allow the owner to enjoy his or her retirement without the threat of business risk.
We have the necessary experience required to advise on estate planning and
will look after preparation of your Will, Power of Attorney and Living Will.
As solicitors for the Estate, our responsibilities include advising you on
all matters in connection with the administration of the Estate as well as preparing
the application to the Surrogate Court to have you formally appointed Personal
Representative of the Estate and to obtain the Grant of Probate.
We will also assist you in the transferring and realizing of the assets of the
Estate by preparing transmittal documents.
Advice is given to you as to the relevant law governing the distribution of the
deceased's estate to those persons beneficially entitled thereto and preparing
Releases for completion by the beneficiaries of the Estate as required upon
completion of the administration of the Estate.
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