Family business lawyers at Vero Beach, Florida often serve multiple roles for clients — they prepare, modify, or revoke power of attorney documents for family members, act as trustees on behalf of businesses, and perform estate planning for the owners and their families. This can pose ethical complications unless lawyers limit their representation and obtain clients’ informed consent.
Experience
A family business is a unique element of our economy and represents significant financial and emotional investments. It also embodies the hopes and dreams of its owners and can be one of the most influential aspects of American commerce.
Family businesses must create an estate plan to ensure continuity and future ownership when the owner cannot continue with the company or can no longer manage it. A lawyer specializing in estate planning for family businesses can help create a plan to transfer ownership and other interests while minimizing tax consequences, ensuring the protection of personal and business assets, and facilitating smooth transitions between generations.
Attorneys may have ethical obligations to limit their representation, withdraw from a matter, or otherwise take steps to avoid conflicts of interest. Generally, dispute of interest issues arise when the words of two clients will directly and adversely affect each other. To avoid such conflict of interest situations, attorneys should consider the factors outlined in Rule 1.7 and obtain informed consent from their clients.
Reputation
Whether at the local or global level, reputation is the sum of all people’s opinions about a person. The public image attracts customers to products, investors to securities, and employees to jobs.
In family business planning, the attorney’s reputation is vital. A trusted estate and business lawyer is a problem solver, keeper of secrets, deep listener, sage advisor, and advocate for their clients.
A trustworthy family business attorney like the attorneys at this Vero Beach law firm is familiar with the documents and information that should go into your plan and can help you avoid mistakes such as relying on a faulty company valuation. They can also establish trusts that protect the family’s assets, shield them from probate and lawsuits, and provide a steady income stream for beneficiaries. Trusts can also be used to minimize taxes and avoid the expensive probate process altogether. Beliefs can also free trustees to invest for the best return rather than meeting arbitrary mandated payouts.
Fees
Family businesses at Vero Beach, Florida have a unique place in our economy, embodying the hard work and significant dedication of past and current owners. They carry with them the hopes and dreams for the family’s future. However, these dreams can only be jeopardized with proper planning.
Estate planning allows business owners to ensure their business will pass on to the next generation by their wishes. It also provides for the preservation of assets and the minimization of taxes after death.
When evaluating an attorney’s fee for estate planning, ask about his standard hourly rate and how many hours he expects to spend on your case. This will give you a good idea of how much the matter will cost. Some attorneys offer flat fees for simple probate or administration matters, saving you money. However, these options are usually unavailable when there are missing or unknown heirs to locate and notify or complicated issues.
Time
Family businesses are unique in that they embody years of hard work, dedication, and substantial investment and carry hopes and dreams for the future. The older generations of these companies put in long hours to ensure their business will continue in the hands of their children and grandchildren – and to help the community by contributing to local philanthropy.
Estate planning is a process that allows for the orderly transfer of assets from one person to another after death or incapacity, often reducing taxes and protecting against creditors or long-term care costs. For a family business, it is essential to make sure a comprehensive plan is in place.
A trustworthy family business lawyer can help with this process, including preparing documents and information for a complete valuation and assessment of the ownership of business assets. They will also be familiar with the various types of trusts available to help protect personal and business support.
