Chipman, Mazzucco, Land & Pennarola, LLC

Danbury Legal Blog

Management, ownership transfer important part of succession plans

When the time comes to let go of your business, you may have many concerns. Who should take over? How will daily operations change? Should you sell the business outright or allow a family member to continue in your footsteps? These questions can plague any business owner, and you may worry that you will still not have solidified the answers when the time comes for you to retire or in the event of your untimely demise.

Fortunately, a business succession plan can help you address any concerns you have regarding the future of your business. If you hope that your company will continue to thrive even after you are no longer a part of it, you may wish to consider your succession planning options and decide what to address in the plan.

Common startup company mistakes

The decisions that entrepreneurs in Connecticut and around the country make before launching commercial ventures often cast long shadows, and their eagerness to get their new businesses up and running can sometimes lead them to make choices that may seem unwise in hindsight. Entrepreneurs must choose what type of product or service they will bring to the market and how they will obtain the funds necessary to cover their startup costs. Devoting sufficient time to these important decisions can help them to avoid many common pitfalls.

A new business venture does not need to provide customers with unique benefits to be successful, but it should present them with a solution to a problem that actually exists and offer them either cost savings or greater convenience. Many current startup companies save their customers time or money by using information technology in novel ways, but entrepreneurs considering such a venture should ensure that they will be providing a real solution and not just adding an unnecessary layer of complexity.

Preparing to use your long-term care benefits

You may have thought you were doing a good thing when you took out your long-term care insurance policy. After all, you never know what the future may hold, and you certainly know many people who have ended up unable to care for themselves for one reason or another.

The problem is that trying to access the benefits from your LTC policy is not always easy. Additionally, not every policy covers every contingency, and it is not always easy to predict what type of care you may end up needing. Your first step may be thoroughly reviewing your policy and its limitations, then gaining more information about how to file for benefits.

Estate planning for art collections

Wealthy people in Connecticut often enjoy collecting art, buying it for personal and aesthetic reasons while also enjoying its appreciation in value. While some of these collections may be invaluable, many collectors fail to properly plan for how they will be passed on to beneficiaries.

When wealthy art collectors fail to properly plan for how their collections will be handled, their families might be forced to pay higher taxes. The art collections may also be divided in a manner that is considered to be unfair by one or more of the heirs, leading to family conflict and litigation.

Your rights as a nursing home resident

You may be like numerous other Connecticut residents who decided that moving into a nursing home was the best option for you. You may only need some extra help due to a physical limitation, and you don't feel comfortable living on your own any longer. Maybe you don't want your children to put their lives on hold to help you out, and you want to be with people your own age.

Whatever your reason, it is nice when you find a place that suits your needs and puts your children's minds at ease. Before moving in, however, understand that you have rights as the resident of a nursing home. Your basic rights include the following:

When and why should you update your will?

As the minutes pass, the hours tick by, the weeks rolls by, and the months peel off the calendar, many things in your life will change. This happens regardless of whether you have a will or not. But when you do have a will, these changes in your life take on new meaning, aside from their literal one. When a major life event occurs, or a change in your life circumstances occurs, you need to think about your will.

What are some of the possibilities here when it comes to changing your will and life events? Let's discuss a few of them:

A separation agreement could benefit employees and employers

As a business owner, you value your employees. You know that your business wouldn't run smoothly without them. You take your hiring process very seriously. You work hard to find the right candidates. Your business has a lucrative interview process. It is your goal that your employees feel like a team. You want them to work together to achieve goals.

You also know that losing employees can be hard. A great employee is truly an asset. Deciding to terminate an employee can be tough. You never want to have to be the bearer of bad news. If someone has been with the company for awhile, and involved in different aspects, they may have an intimate knowledge of your business. If you are letting them go, they may be upset their service is ending.

Consider a trust for your special needs child

You know that your special needs child requires a lot of care. You know all their comforts. You understand their medicine and their schedule. You love them and care for them. No parent ever wants to think about passing on and leaving their child behind. You don't want to think about it, but it may be in the best interest of your child.

You may want to consider setting up a trust for your special needs child. Allocating money into a trust may allow you to assist your loved one after you've passed without interfering with their eligibility for other public benefits that they may need.

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Chipman, Mazzucco, Land & Pennarola, LLC
39 Old Ridgebury Road
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Danbury, CT 06810

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