1307 Duke St Alexandria, VA 22314

Estate Planning: Succession Planning

Providing Effective Succession Planning Services.

If you own a successful business, or you are a high net worth individual with a substantial estate, you need to consider and plan for the future and have an estate and business succession plan in place. The value of your business must be assessed and a plan for the stabilization, future expansion and succession needs to be put in place in the event of an unforeseen illness or accident. This plan for your business must also be coordinated with an estate plan for your personal assets so that you are protected both personally and professionally.

Estate planning is not simply for the wealthy. It is essential to protect your assets and provide for inheritance of those assets with an estate plan that will maximize the funds available to your family to provide for their needs if you should pass away. A comprehensive estate plan can indicate how you wish to have medical and financial issues handled should you become incapacitated and help your family avoid unnecessary stress, expense and delay in the event of your death.

Asset Protection and Estate Planning Services You Can Trust

It is important to plan for the future of your estate and your business. When a family loses a loved one, it is a difficult and emotionally draining time, but your estate and business succession plan can provide financial security and avoid unnecessary delay for your family. When you are planning for the future stability of your business and/or developing an estate plan, you need to speak with an experienced estate planning and wealth management attorney.

Our estate planning and wealth management attorneys will develop an estate plan that will take into consideration the need to protect your assets and facilitate your intentions for inheritance by your family. It is not necessary to be included in Fortune Magazine to have an “estate”. If you own a home, life insurance or a 401(k) you have an estate that can be protected and distributed according to your wishes.

Estate Planning Strategies

Our estate planning attorneys will carefully work with you to customize an estate planning solution suited for your particular situation. We will develop an estate plan that fits your needs and ensure that your estate planning documents meet all necessary legal requirements.

Some of the most common estate planning tools that we may employ on your behalf include:

Will: A will is a commonly used estate planning document and provides written instructions to a probate court regarding your desires and intentions for distribution of your estate in the event of your death. If you do not have a will or other estate planning document like a living trust, then the state will distribute your property according to intestate succession law. This may result in your estate being distributed in a way that does not conform to your preferences and intentions. Though a will can be an effective estate planning tool, a will must be probated, and the probate process can be expensive and cause delay in your family obtaining the financial resources they need following your death. There are many different types of wills that serve various needs so we can advise you if one is an appropriate part of your estate plan.

Living Trusts: For many of our clients, a revocable living trust is a fundamental part of their estate plan because it provides a distribution plan for your assets but avoids the cost and delay of probate court. Essentially, your assets are transferred into the trust now while you are alive. However, you have the ability to change or revoke the trust and obtain access to the assets placed in the trust. Once you die, the trust protects the assets from the creditors of the beneficiaries you name in your trust.

Probate/Trust Administration: We can represent you in probate court or handle the administration of your trust. If you have commercial business assets we can handle both administration of your personal estate and your business succession.

Living Wills / Advanced Medical Directives: We can help you draft a living will and/or advanced medical directive that will state your wishes in terms extraordinary medical measures should you end up in a coma or are in any other condition where you are incapable of making medical decisions.

Life Insurance Trust: We can help you draft a irrevocable trust to own your life insurance policies and serve as the beneficiary of the net policy proceeds. The creation of this trust properly will ensure that the net proceeds from your life insurance is out of your taxable estate.

Succession Plan: We can assist you in determining who will continue to own and operate your business when you are ready to retire, how your business will be valued, and how the business succession owners and operators will be able to pay you for the value of the business.

And Many More Planning Opportunities Exist . .

We invite you to call Pirsch & Associates to schedule a no obligation asset protection and estate planning consultation at 703-548-5182. Our wealth management, estate planning and probate attorneys serve the needs of clients in Virginia, Maryland and Washington, D.C. We offer convenient payment via major credit cards and even flat fees for certain types of legal matters.

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