Estate Planning Services for Small Business Owners
At Adkison, Need & Allen, our estate planning practice can serve the needs of practically any family interested in planning for the eventual transfer of assets to the next generation, but our advice for business owners reflects especially their concern for the protection of business assets. To learn about the range of our estate planning services, contact one of our trusts and estates lawyers in Bloomfield Hills.
Our attorneys serve clients in Oakland County and throughout Southeast Michigan
Most of our estate planning clients are interested in learning how to protect assets, avoid estate tax liability, and when possible, sidestep the later need for probate of a substantial estate. The use of a simple last will and testament backed up by a revocable living trust to assume title over personal and real property assets alone can achieve most of these goals when done correctly.
Our clients generally need more out of their estate plans, however. We address such needs as disability planning through the use of powers of attorney and patient advocate designations, business management succession issues within a family, ongoing care of vulnerable or disabled family members through special needs trusts, and the effective use of trusts and gift transfers to protect Medicaid eligibility.
These instruments not only can streamline a later business transfer and make the rights of heirs and beneficiaries explicit, they can also help avoid the need for formal guardianship proceedings in the event of your own later incapacity.
Estate planning for liquor license holders must consider state transfer rules
With a substantial liquor license practice, we make it a point to advise bar and restaurant owners that even the creation of a trust to hold a Michigan liquor license will be regarded as a transfer that must be reported to the state Liquor Control Commission.
Whatever your family's estate planning needs might involve, we offer highly personalized service and advice that is tailored in every case to our client's particular needs. For further information, contact Adkison, Need & Allen in Bloomfield Hills.
