Chipman Mazzucco Emerson LLC

April 2018 Archives

Variables to consider when creating a succession plan

Business owners in Connecticut and throughout the country can be so focused on growing their companies that they forget to plan for their exit. Those who own family businesses may also need to start planning for when and how it will be passed down to the next generation. If there is no successor within the immediate family, it could be necessary to look into selling to an outside person or entity.

Commodores in a battle over name usage

Music fans in Connecticut may have heard that a former member of the Commodores has been sued for trademark infringement by Commodores Entertainment Corp. (CEC). According to the lawsuit, the former member began performing under the name 'The Commodores Experience featuring Thomas McClary." The lawsuit was filed in 2014, and McClary was barred by a court from using the name in 2016. A court later ruled that he couldn't refer to himself as the founder of the Commodores as it could be confusing to fans.

Family complications can be an estate planning problem

The estate planning process can be complicated at times for people in Connecticut who want to ensure their families are taken care of after they pass away. However, internal family fighting can be one of the most concerning factors in estate planning; 44 percent of estate planning professionals surveyed by TD Wealth said that the biggest problem they face in planning for wills and wealth transfer is family division and disputes. While tax reforms can lead to changes in the way wealth is handled, family fighting can be emotionally intense, not merely legally complex.

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