SUCCESSION PLANNING, ESTATE PLANNING, MEDICAID PLANNING
By: Henry M. Ekker, Partner
These three planning devices all have one thing in common. WHAT IF? In each type of planning, goals must be established. However, they are not the same goals.
Succession Planning requires the creator of a profitable private company to recognize that the company needs to survive that leader. If the creator feels he is and always will be indispensible the company ultimately will fail or at least not achieve its potential values. There are numerous ways to approach this concept.
Is there a method in place to replace key roles? This is a stubborn problem in many companies. The process should begin with adequate and reliable counseling.
Estate Planning is another topic that cannot be taken for granted. Estate plans set up prior to 2008 need to be reviewed, updated, and revised. The law is very uncertain so a family must take this situation and do the best possible plan to attempt to preserve assets for the survivors.
There are several types of trusts that accomplish various matters that need to be considered. Gifts are more important today than ever. Powers of Attorney differ in each state and the Healthcare Power of Attorney has changed by law. Therefore, a Power of Attorney and/or a Healthcare Power of Attorney may need immediate revisions to keep current.
Medicaid Planning is always a complex scenario. Most spouses consider this far too late in the planning stage. There is currently a five year look back on most assets and documents. Planning is essential at a reasonably early date.
Lastly, it must be remembered that if one becomes mentally incapacitated it is too late for that person to do any of the above planning.
Henry Ekker has been a member of EKME for 45 years. The primary focus of his law is Corporate and Business Law; Estate Planning and Administration; Elder Law; Mergers and Acquisitions; and complex divorce cases.
THE INFORMATION PROVIDED IN THIS ARTICLE IS PROVIDED FOR INFORMATION PURPOSES ONLY. NOTHING IN THIS ARTICLE IS INTENDED AS LEGAL ADVICE, NOR SHOULD IT BE INTERPRETED AS SUCH. IF YOU NEED ADVICE REGARDING LEGAL MATTERS, SEEK THE ADVICE OF AN ATTORNEY.