Top Elder Law & Estate Planning Attorney Robert Brumfield Reveals Top Tips On Future-Proofing A Business In The Event Of Becoming Incapacitated- Bakersfield, CA

Leading estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA outlines key points that a business owner needs to consider to protect their assets and company’s future. For more information please visit https://www.brumfieldlawgroup.com

Bakersfield, California, United States – October 29, 2022 —

A business owner needs to address the ‘what if’ moments before they occur and impact their company, California elder law attorney Robert H. Brumfield warned this week.

For more information please visit https://www.brumfieldlawgroup.com

The Founder of the Bakersfield-based Law Offices of Robert H. Brumfield, P.C. outlined several touchpoints that a business owner needs to consider – specifically, what if they die, who will run the business, and if they become incapacitated, what happens next?

He emphasized: “While most put off estate planning until it is too late, for business people, the future is now. They need to think about how their business will continue if they are not available and instrumental in its future.”

Owners may have to ask searching questions of younger family members as to whether they are willing to take on a business or whether an alternative approach is needed.

He said: “Whatever path they take, they should consult an estate planning attorney on a strategy that is best for them and their company.”

“It’s best if the estate planning attorney is also a business planning attorney as they can look at the company structure, agreements, or other documents that outline succession issues.”

Brumfield asserted: “An experienced estate planning attorney can clarify matters when drawing up an estate plan, offer advice on trusts and wills, and guidance on insurance, incapacitation, taxes, legal issues, and powers of attorney.‘’

“A big part of that will address succession plans which manage the transition period and outlines who steps into the leadership role in the owner’s absence.”

When estate planning decisions have been taken, a business owner should communicate with those around them about their choices. 

Estate plans should be reviewed regularly, such as every 12 months, to reflect the changing times, lives and relationships of a business owner, and ensure that a business remains future-proofed.

Brumfield concluded: “Owners may also consider a buy-sell agreement of the business if there are multiple owners. An agreement allows business owners to come together and decide what happens in case one of them can no longer participate in the company.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Website: https://www.brumfieldlawgroup.com

Release ID: 89083705

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