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Estate Planning And Business Succession Planning During Divorce

Getting divorced changes the future you once envisioned. In addition to property division and custody arrangements, you need to address your estate plans accordingly. Who will inherit your estate if not your spouse? Who do you want to attend to your affairs if you are unable? What will happen to your business?

Donnelly LLC can address estate planning and business succession in the context of your New Jersey divorce. We represent many business owners and other high net worth clients who have significant assets to protect. With offices in Moorestown, we provide comprehensive legal counsel in Camden County, Burlington County, Gloucester County and beyond.

Reflecting Your Change In Plans

Our attorney is well-versed in family law and has extensive experience in business law. He also has a degree in tax law, which enables us to address the tax ramifications of transactions at the time of divorce and to anticipate the future tax consequences of passing your personal wealth or the reins of a family business to your heirs.

In your divorce, we can update your estate planning and business succession plans to ensure that your assets go to the right people following your death and that your ex-spouse does not have a say in control of your personal or business affairs if you are incapacitated. We can revise all applicable documents:

  • The terms of your will
  • Powers of attorney
  • Your living will and health care proxy
  • Beneficiary designations [pension, 401(k), life insurance, etc.]
  • Guardianship of a child with special needs
  • Marital trusts and other revocable trusts
  • Charitable trusts

If you own a business, preserving the business and your ownership stake may be one of your priorities in the divorce settlement. Once you have secured your business, arranging for succession may become your next priority. Without the benefit of the marital deduction, other steps and strategies will be required to minimize estate taxes. Our lawyer can knowledgeably address both the federal and New Jersey inheritance taxes that would apply to your business and other assets that would pass to the next generation.

Comprehensive Considerations

The keys to estate planning are attending to the details and anticipating potential issues. Our firm foundation in the law and our litigation experience enable us to identify the important considerations in both divorce and succession.

Donnelly LLC extends a free office consultation to clients in Camden and Burlington counties, or a free phone consultation to clients who live farther away. To discuss estate planning during divorce, call 856-324-6147 or (toll free) 866-907-6368, or contact us online.