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I am the owner of a closely held family business. Why do I need both an estate plan and a succession plan?
Posted in Litigation

In the new Legal Forum Column, BGD attorney Benjamin J. Lewis discussed succession and estate plans.

I am the owner of a closely held family business. Why do I need both an estate plan and a succession plan?

Read his advice below and don’t miss our monthly Legal Forum Column in Louisville Business First.

Topic
I am the owner of a closely held family business. Why do I need both an estate plan and a succession plan?

Advice
You should have both to preserve your legacy. If you direct or own stock in a closely held business, an estate plan may not be sufficient. I cannot begin to tell you about the numerous families and businesses I have seen divided in costly litigation over how the family business or fortune should be managed after the death of prominent relative. Each time, I wonder why the decedent did not take the time to better communicate his or her wishes to family members and colleagues, particularly on business management and succession details. In many cases, a cohesive estate and succession plan would have shortened or eliminated litigation and, more importantly, promoted family harmony. Consider taking a fresh look at your situation with experienced legal advisors this year. The investment could pay dividends for decades.


To learn more about Benjamin J. Lewis and his practice, please visit his profile.

To view the latest Legal Forum column, please click here.

  • Partner

    Ben Lewis is the Co-Chair of the Fiduciary Litigation Practice Group. He focuses his practice on complex business litigation matters, particularly disputes involving breach of fiduciary duty claims against trustees ...

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