By Joseph "AJ" Yolofsky

Welcome to our deep dive into the fascinating world of business succession planning! As an estate planning attorney, you might be surprised to discover that many of the skills and strategies you already use can seamlessly transition into this vital area. Small businesses are the backbone of the US economy, accounting for 46 percent of the private sector workforce and contributing 43.5 percent of the gross domestic product. Given their importance, ensuring these businesses thrive beyond their current ownership is crucial.

By Phoebe Stone, JD, MA (Bioethics)

Young people who have recently reached the age of majority may not yet be established financially or professionally, and many may be immature and naive. In the eyes of the law, however, they are considered adults. Adulthood, often marked by the 18th birthday, can represent a huge shift in family dynamics. It is a significant milestone in the social and emotional life of a family because adulthood represents independence. It is often the age when children move away from home to pursue postsecondary education (i.e., anything after high school) or live apart from their families for the first time. Departure for college and/or reaching the age of majority are also legally significant milestones because when these events occur in the lives of young adults, they become responsible for many of their own financial and healthcare decisions. Young adults who have reached the age of majority are protected by various privacy laws in areas where parents or guardians were once responsible for making decisions for them and were granted open access to information. 

By Ryan Snow, JD

Effective estate planning often involves planning for the succession and transfer of a client’s business operations and business assets. Business planning becomes critically important when a large portion of the value of the client’s estate is derived from their ownership of a business. Estate planners may need to consider whether a transfer of a business interest is permitted, if obtaining the consent of the other business owners is required, or whether there are other legal constraints or obligations related to ownership of the business and its assets.