Exit Wise: Legacy & Estate Planning

Estate planning is a vital component for all business owners, and today, we unpack everything you need to know about estate planning for your business. We are joined by Neil Cohen from RS Law LLP (previously Regnante Sterio LLP), an AV-rated firm bringing a collaborative approach to legal representation in order to provide comprehensive and efficient legal services. Neil is an estate planning attorney for business succession planning, probate administration, and complex and simple estates, and he begins our conversation by defining estate planning and explaining why it's essential for all businesses. Then, we explore the differences between a will and a trust, what it means to avoid probate, why setting up a will or trust should be your top priority, and how estate planning informs succession planning. We also uncover the consequences of not having a will or trust when incapacitated during a sale as a business owner, why many procrastinate on their estate planning, why a healthcare proxy matters, and where spouses fit into the various components of estate planning. To end, Neil shares the Tip of the Day and we learn how to connect with him and his work.

Key Points From This Episode:

• Neil Cohen defines estate planning and explains its importance for businesses.
• Why Massachusetts leans heavily on irrevocable trusts.
• The difference between a will and a trust, and what it means to avoid probate.
• Why setting up a trust should be one of your non-negotiables.
• Protecting business owners: How estate planning informs succession planning.
• The consequences of an owner being incapacitated during a sale without a will or trust.
• When business owners should start their estate planning and tips for keeping it updated.
• Why procrastination reigns: Common obstacles that prevent estate planning.
• Understanding how often you should review your estate plan.
• The ins and outs of the healthcare proxy and its importance and where spouses fit in.
• How to connect with Neil Cohen.

Tip of the Day: Start Early! Estate planning can start even before you have kids or own a business. The only way to falter is by not starting at all, and because none of us can predict the next moment, the best time to start is now.

Links Mentioned in Today's Episode:

Neil Cohen on LinkedIn

Neil Cohen Email

Neil Cohen Phone Number: 781-246-2525 ext. 241

RS Law LLP (Regnante Sterio LLP)

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation, either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.