Corning Business Succession Planning and Estate Plan Coordination

Decide what outcome you want to discuss

Begin by describing the result you hope to achieve for the business interest. For example, do you want to discuss a possible change in who holds the interest, or how it should fit with the rest of your estate plan? Identify the people you have in mind and the choices you would want considered. These are planning questions to discuss, not assumptions that a particular document can produce a particular result.

If you have different preferences for different circumstances, write them down separately as questions. For instance, you might want to discuss who should be involved in decisions during a period when you cannot make them and who should receive an interest after your death. Treat each as an intended outcome to explore, rather than a legal rule or an assurance that the same person can or should fill both roles.

• What outcome do you want for the business interest?
• Which people or roles do you want to discuss?
• Are there different outcomes you want considered in different circumstances?

Make ownership records the starting point

A general description such as “my business” may not show exactly what property is involved or how it is held. Prepare an inventory that identifies the business interest and records how it is held. Include other property that may relate to your plan, so the conversation can begin with identifiable assets rather than assumptions.

Gather the records you have that identify the interest and its current ownership. If documents appear inconsistent or you are unsure what they describe, note that rather than trying to resolve it on your own. The purpose of the inventory is to make the ownership information concrete and give you a focused list of questions.

• List the business interest and how the available records say it is held.
• Collect documents that identify the interest or describe its ownership.
• Note any uncertainty or differences you see among the records.

Consider the estate plan and ownership together

Estate planning can coordinate a will, trust, financial decision-making documents and asset ownership. For business succession planning, the practical question is how those elements relate to the interest you have identified and the outcome you want to discuss. Looking at documents and ownership information together can help make clear what you are asking to coordinate.

Bring any current will, trust or financial decision-making documents you have, along with the ownership records. You can also make a short note of how you want the business interest to fit with your other property. This preparation is optional; it is a way to organize the discussion, not a required legal step or a conclusion about what your documents accomplish.

• Gather current estate-planning documents that may relate to your goals.
• Bring the ownership inventory and records that support it.
• Write down questions about how the documents and ownership information fit together.

Define the questions and scope

A focused discussion can start with your intended outcome, the people and roles you want considered, and the records identifying the business interest. From there, the planning conversation can address how a will, trust, financial decision-making documents and asset ownership should be considered together. The records matter: an inventory does not itself establish that a desired transition is workable or that all relevant ownership information has been collected.

This service focuses on coordinating business ownership with estate planning. It does not promise a business transaction, valuation, tax-return preparation or business-litigation service. If your question concerns one of those subjects, raise it when describing your goals so the scope of the discussion is clear. You can begin by organizing the ownership records and stating the decisions you want to explore.