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Your estate plan needs to address your Massachusetts business

Our above headline leading off today's post certainly doesn't apply to all -- or even most - Massachusetts estate planners. Indeed, the majority of individuals in the Bay State and nationally work for businesses they themselves do not own.

Having said that, though, the enduring American entrepreneurial spirit virtually ensures that many people do strike out on their own commercially. And many of them succeed in their business creations through creative smarts and sweat equity.

If that describes you, the estate plan you seek to craft to promote your personal interests and those of your loved ones and future family members should definitely spotlight your business. Foremost, it should focus on a foresighted strategy that promotes what you optimally seek from it.

For some people, that is a passing of power and title to designated successors who will focus on long-term viability. Other planners contemplate business termination on terms that will best benefit heirs and beneficiaries.

Of course, every situation is different. Some business owners see their enterprises as performing very specific functions and having legacy-tinged identities.. A tailored estate plan can advance that strategy in a given case.

Timely and careful planning can also help ensure that potentially adverse tax implications are legally mitigated to the fullest degree possible. Trusts and other planning tools can be used to further that objective.

Yet another important outcome achieved for many individuals focused upon business succession concerns is the avoidance of probate that can be realized from the implementation of smart succession planning.

Every case is different, of course. An experienced estate administration attorney can provide guidance and proven representation across a wide universe of planning goals and concerns.

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The Law Offices of Kimberly Butler Rainen
21 Central Street
Andover, MA 01810

Phone: 978-494-6730
Phone: 978-409-1928
Fax: 978-849-8212
Map & Directions

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We are in a 1700s Colonial located on the intersection between Brook Street, Central Street and Essex Street in historic downtown Andover, Massachusetts. The parking lot entrance is located on Brook Street, which is a one-way. From Central, turn down Essex Street. Before reaching the railroad tracks, when you see the St. Augustine Church on your right, take a sharp left turn on to Brook Street, which will turn you back toward Central Street. As you ascend the hill back toward Central Street, you will see large stone pillars on either side of the entrance to our parking lot. We have assigned parking spaces numbered 7 and 10.

From the parking lot, you may take the stairs located on the rear, left-side of the building up to the garden area, where the foyer entrance to our office is located. You can also follow the sidewalk on Brook Street up to Central Street, walk along Central Street past the main house entrance (with a wrought iron gate across the walk way) to an opening in the wrought iron fence, in to the garden area where the foyer entrance to our office is located.