Comprehensive Guide to Business Succession Planning in Lakesite
Business succession planning ensures a smooth transition when ownership or leadership changes occur within a company, and it is a vital part of long-term business continuity. At Jay Johnson Law Firm, we work with business owners in Lakesite and across Tennessee to identify goals, address ownership transfer methods, and protect family and company interests. Whether a sale, family transition, or retirement is anticipated, planning ahead reduces uncertainty and potential conflict. Early planning allows for thoughtful structuring of agreements, tax considerations, and governance, giving owners confidence that their business will continue according to their wishes and values.
Creating a clear succession plan involves more than a single document; it integrates ownership agreements, buy-sell arrangements, trust or estate planning, and operational continuity measures tailored to the business. Our approach combines legal drafting, coordination with financial and tax advisors, and practical planning for leadership handoffs. We listen to each client’s priorities, analyze business structures and stakeholder relationships, and then recommend a cohesive plan that aligns with the owner’s goals. For Lakesite businesses, this means addressing local considerations, state law implications, and family dynamics to help preserve both value and relationships through transitions.
Why Succession Planning Matters and the Benefits It Provides
Succession planning reduces disruption, preserves business value, and helps prevent disputes among owners or heirs. By documenting who will take over, under what terms, and how valuation and payment will be handled, business owners can avoid costly litigation and delays. A thoughtful plan also provides financial stability for retiring owners and a clear roadmap for successors. For family-owned businesses in particular, formal agreements can protect family relationships by setting expectations and minimizing ambiguity. In addition, properly structured plans can mitigate tax impacts and ensure the business remains operational throughout transitions.
About Jay Johnson Law Firm and Our Team Background
Jay Johnson Law Firm serves business owners in Lakesite and throughout Tennessee with tailored estate planning and succession services. Our attorneys focus on practical legal solutions that align with each client’s business model and family circumstances. We prioritize clear communication and step-by-step planning, helping owners understand options such as buy-sell agreements, trusts, and transfer mechanisms. Clients appreciate our responsive service and local knowledge of Tennessee law and business practices. We work closely with accountants and financial advisors when needed to craft plans that address legal, tax and operational considerations in a coordinated manner.
Understanding Business Succession Planning Services
Business succession planning encompasses legal documents and strategies designed to manage the transfer of ownership and control of a business. It begins with assessing ownership structure, stakeholder relationships, and future goals, and then develops mechanisms to achieve a smooth transition. Elements commonly include buy-sell agreements, trusts, retirement agreements, and corporate governance changes. The planning process also addresses valuation procedures and funding methods so that transitions do not jeopardize operations or financial stability. By understanding these components, business owners can adopt a comprehensive approach that protects the company and stakeholders.
Succession planning also requires coordination between legal, tax, and financial planning to ensure transfers occur with minimal negative consequences. This involves choosing the appropriate vehicle for transfer, establishing clear triggering events for transfers, setting valuation methods, and planning for liquidity to fund transfers. We often recommend periodic review of succession documents to reflect changes in business value, ownership, or family circumstances. Ongoing maintenance and regular updates help preserve the relevance and effectiveness of the plan so it continues to serve the owner’s objectives over time.
Defining Business Succession Planning and How It Works
Business succession planning is a strategic process that defines how ownership and control of a business will pass from one party to another. The plan addresses who will assume control, the timeline for transition, valuation and buyout mechanics, and steps to prepare successors for leadership roles. Legal instruments commonly used include buy-sell agreements, shareholder or operating agreements, and certain trust arrangements. The goal is to ensure continuity of operations, fair treatment of stakeholders, and preservation of value while minimizing tax and legal exposure. A clear plan provides certainty and can prevent disputes that might otherwise harm the business.
Key Elements and Typical Process Steps in Succession Planning
A comprehensive succession plan includes ownership transfer mechanisms, valuation rules, funding strategies, governance updates, and contingency planning for unexpected events. Typical processes begin with information gathering and stakeholder interviews, followed by valuation assessments, drafting of buy-sell agreements or trust documents, and coordination with tax and financial advisors to address funding. The process often culminates with execution of agreements and a plan for management transition, including training or mentorship for incoming leadership. Ongoing review and revisions ensure the plan remains aligned with evolving business and family circumstances.
Key Terms and Glossary for Business Succession Planning
Understanding common terms used in succession planning helps owners make informed decisions during the planning process. This glossary section explains frequently used concepts in plain language, such as buy-sell agreements, business valuation, and succession trusts. Clear definitions reduce confusion and allow stakeholders to evaluate proposed solutions more effectively. When owners and decision-makers share a common vocabulary, negotiations and plan drafting become more productive, resulting in documents that accurately reflect the parties’ intentions and provide a practical roadmap for future transitions.
Buy-Sell Agreement
A buy-sell agreement is a legally binding contract among business owners that defines what happens to an owner’s interest when a triggering event occurs, such as retirement, disability, death, or voluntary departure. The agreement typically specifies who may buy the departing owner’s interest, how the interest will be valued, and the payment terms for the purchase. Funding mechanisms, such as life insurance or installment payments, can be included to ensure liquidity. Buy-sell agreements provide predictability and protect remaining owners from unwanted outside parties acquiring ownership.
Business Valuation
Business valuation is the process of determining the economic value of a company, which is essential for buyouts, transfers, and estate planning. Valuation methods vary depending on the business’s size, industry, cash flow, and asset base, and may include income, market, or asset-based approaches. A clear valuation methodology in succession documents prevents disputes and provides a fair process for determining buyout prices. Planning often incorporates agreed valuation formulas or procedures to ensure that transfers occur on defensible and predictable terms for all parties involved.
Succession Trusts
Succession trusts are arrangements designed to hold ownership interests for the benefit of designated beneficiaries while providing a structured path for business continuity. Trusts can separate management control from economic ownership, provide asset protection, and establish rules for distribution of proceeds. They are useful in situations where owners want to provide for family members while ensuring professional management of company operations. Trust-based solutions should be coordinated with estate plans and tax strategies to achieve the client’s broader financial and succession objectives.
Continuity Plan
A continuity plan outlines operational and managerial steps to maintain business functions during and after a transition event. This includes interim management arrangements, delegation of authority, communication plans for employees and customers, and steps to preserve critical contracts and vendor relationships. A well-crafted continuity plan minimizes downtime and reassures stakeholders that the business will remain responsive and stable during ownership or leadership changes. Integrating continuity planning with legal succession documents helps ensure a seamless handoff and sustained performance.
Comparing Legal Approaches to Succession and Ownership Transfers
Business owners can choose between more limited, checklist-style solutions and broader, integrated succession plans. Limited approaches may address immediate issues such as a single buyout without tackling tax consequences, governance updates, or continuity planning. Comprehensive approaches combine legal agreements, tax planning, and operational measures to create a cohesive roadmap. The right option depends on business complexity, ownership structure, family dynamics, and long-term objectives. Evaluating the relative strengths and limitations of each approach helps owners decide how much planning is needed to protect value and ensure continuity.
When a Limited Succession Plan May Be Appropriate:
Small Ownership Changes
A limited approach is often suitable when changes involve a small, straightforward ownership shift, such as a single owner selling to a known buyer or an internal transfer among closely aligned partners. In these cases, a concise buy-sell agreement and clear payment terms can address immediate needs without a full-scale succession overhaul. When there are few stakeholders and minimal tax or governance complexity, a streamlined plan can be cost-effective while providing necessary protections. Regular review remains important to ensure the limited plan remains relevant over time.
Clear Single Successor
If an owner has identified a single successor who is prepared to assume control and there are no competing claims or significant family interests, a limited plan focused on the mechanics of the transfer can be sufficient. This might include agreements that set out valuation, payment methods, and a transition timeline. Even in straightforward successions, documenting expectations and financing details prevents misunderstandings and ensures the transfer proceeds as intended, preserving relationships and stabilizing operations during the handoff.
Why a Comprehensive Succession Plan Is Often Preferable:
Complex Ownership Structures
When ownership is divided among multiple parties, includes family members, or involves different classes of interests, a comprehensive succession plan becomes essential. Such complexity can give rise to disputes, valuation disagreements, or operational gaps if not addressed holistically. A full plan coordinates buy-sell terms, valuation formulas, governance changes, and contingency measures that reflect the varied interests of stakeholders. By addressing these elements together, owners reduce the risk of costly disagreements and help ensure continuity in management and operations.
Tax and Estate Considerations
Comprehensive planning is particularly important when transfers could trigger significant tax consequences or affect estate plans. Coordination with tax and financial advisors allows for arrangements that minimize unnecessary tax burdens and align succession steps with estate distribution goals. This might include timing transfers, structuring payments, or using trust vehicles to accomplish multiple objectives. Thoughtful tax-aware planning preserves more of the business’s value for owners and heirs and avoids unintended financial consequences following a transition.
Primary Benefits of a Comprehensive Succession Planning Approach
A comprehensive succession plan offers clarity for owners, successors, employees, and family members, reducing the chance of disputes and operational disruption. It aligns legal documents with financial and estate plans so transfers are handled consistently and predictably. This approach helps preserve business value, protect relationships among stakeholders, and ensure continuity of leadership. For owners with long-term goals for the company or a desire to provide for family members while maintaining business stability, a thorough plan reduces uncertainty and supports a successful transition.
Beyond immediate transfer mechanics, a comprehensive plan anticipates contingencies and provides mechanisms for funding buyouts and preserving liquidity, which reduces stress on the business during transition. It also creates governance processes for future decision-making and can include succession training for incoming leaders. The end result is a more resilient business structure that responds effectively to change, helping to maintain customer confidence, employee morale, and stakeholder trust throughout ownership transitions.
Protecting Family and Business Interests
A comprehensive plan balances the needs of the business with family and beneficiary concerns by clearly defining roles, valuation methods, and distribution mechanics. This clarity prevents disputes that can arise from ambiguous expectations and helps preserve relationships after a transfer. Well-drafted documents ensure that family members who are not involved in daily operations receive fair treatment while allowing qualified successors to run the business effectively. Clear legal structures reduce the risk that transitions will result in fragmented ownership or damaged company performance.
Reducing Disputes and Minimizing Disruption
By specifying valuation procedures, funding, and governance for transfer events, comprehensive plans minimize the ambiguity that often leads to disagreement. When plans anticipate common dispute triggers and include dispute resolution procedures, transitions proceed more smoothly and with less litigation risk. That planning reduces distraction for management and employees and helps maintain business continuity. The result is a transition process that protects business relationships, retains customers and vendors, and reduces the operational and financial fallout of ownership changes.
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Practical Pro Tips for Building a Succession Plan
Start Succession Planning Early
Begin succession planning well before a transition becomes imminent to maximize options and reduce pressure on decision-makers. Early planning allows owners to evaluate tax strategies, funding mechanisms, and governance changes without rushed deadlines. It also permits time to prepare potential successors through training and mentorship, address family dynamics thoughtfully, and implement business governance that supports a smooth handoff. Regular reviews and incremental adjustments over time help keep the plan aligned with changing business value and family circumstances, resulting in better long-term outcomes for owners and stakeholders.
Document Ownership and Valuation Clearly
Coordinate Legal Plans with Tax and Financial Advisors
Succession plans are most effective when coordinated with tax and financial planning so that legal documents support broader financial goals. Working with accountants or financial advisors helps integrate valuation timing, payment structures, and estate distribution strategies in ways that preserve more of the business’s value. Coordination also identifies potential tax liabilities early, enabling design choices that reduce burdens and improve liquidity management. This collaborative approach yields more durable solutions that protect the business and the owner’s financial legacy.
Reasons to Consider Business Succession Planning Now
Owners should consider succession planning when they want to protect business value, prepare for retirement, or ensure family members are treated fairly. Planning reduces the risk of operational disruption and provides mechanisms for funding ownership transfers. It also helps address potential conflicts among owners or heirs by clarifying expectations and procedures. For businesses with long-term contracts, critical employees, or key customer relationships, a clear transition plan supports continuity and preserves goodwill, which can be essential to maintaining profitability and reputation through leadership change.
Other triggers for succession planning include changes in ownership structure, growth that introduces outside investors, significant tax law changes, or concerns about unexpected incapacity or death. Even if no immediate handoff is planned, creating a succession framework gives owners peace of mind and options to adapt as circumstances evolve. Regular planning also simplifies decision-making when an opportunity to sell or transition arises, enabling owners to act quickly without sacrificing value or creating legal complications.
Common Situations That Make Succession Planning Necessary
Many business owners seek succession planning after reaching a milestone such as retirement, receiving an acquisition offer, or facing health concerns that could shorten their tenure. Family businesses often need plans to address generational transition, and companies with multiple owners may require agreements to manage buyouts and departures. Unexpected events, such as the sudden incapacity of an owner, highlight the need for contingency plans that preserve operations. Each circumstance benefits from tailored legal solutions that protect value and set a clear path forward for the company.
Retirement of an Owner
When an owner plans to retire, succession planning clarifies the timing, valuation, and funding of the transfer of ownership. Retirement planning may involve structured buyouts, partial sales, or transfers to family or management, and each option requires legal documents to define obligations and protect the business. Preparing in advance allows for tax-efficient timing and smoother transitions as retiring owners hand over management responsibilities. The process also helps ensure that successors are ready to assume leadership and that the business has adequate liquidity to complete any buyout.
Unexpected Death or Incapacity
Sudden incapacity or death can create confusion and leadership gaps if no plan exists. Succession planning prepares for these events by naming interim managers, defining buyout mechanics, and directing how ownership interests will be handled. Legal documents such as buy-sell agreements and trust arrangements help ensure the company remains operational and ownership transfers follow predefined procedures. This planning reduces the risk of family disputes or vendor and customer concerns while providing a clear process to maintain business continuity during difficult times.
New or Changing Ownership
When new partners join or investors become involved, a succession plan sets expectations for future exits and ownership changes. Amendments to governing documents can define transfer restrictions, rights of first refusal, and valuation methods to manage future transitions. Clear rules help preserve control over who may become an owner and protect minority or majority interests. For growing businesses, establishing these rules early prevents misunderstandings and creates a stable framework for future decision-making and potential ownership changes.
Lakesite Business Succession Planning Attorney
If you run a business in Lakesite and want to plan for an orderly transition, Jay Johnson Law Firm is available to help. We provide focused legal guidance on buy-sell agreements, trust arrangements, valuation methods, and continuity planning tailored to your company. Our goal is to help owners protect value and minimize disruption through clear, enforceable documents and coordinated planning with financial advisors. To discuss your business’s needs and options, call our office at 731-206-9700 for an initial review and to learn how a practical succession plan can protect your company’s future.
Why Choose Jay Johnson Law Firm for Succession Planning
Owners choose Jay Johnson Law Firm because we emphasize practical legal solutions that align with business goals and family considerations. We aim to translate complex legal concepts into clear, actionable plans, drafting documents that anticipate common issues and provide structure for transitions. Our team focuses on communication and responsiveness, ensuring owners understand options and trade-offs so they can make informed decisions. This approach helps clients feel confident that their intentions are documented and that succession steps will be manageable when the time comes.
We work collaboratively with accountants, financial planners, and other advisors to integrate legal planning with tax and financial strategies. This coordination helps preserve business value and reduces the risk of negative tax or liquidity consequences when transfers occur. By aligning documents, valuation methods, and funding plans across disciplines, clients receive a coherent succession framework that supports long-term objectives. We also emphasize maintenance and periodic reviews to keep plans current as business value and ownership structures evolve over time.
Local knowledge of Tennessee law and practical insight into regional business practices allow us to craft plans that are enforceable and suited to local circumstances. We guide owners through each step of the process, from initial assessment to document execution and implementation, and remain available for updates as situations change. Our goal is to reduce anxiety around transitions by providing clear legal pathways that respect owners’ wishes while preserving the company for employees, customers, and family members.
Contact Us to Start Your Succession Planning Review
Our Succession Planning Process at Jay Johnson Law Firm
Our process begins with a thorough assessment of the business structure, ownership relationships, and the owner’s goals for continuity, retirement, or transfer. We gather key documents, discuss potential successors and funding approaches, and identify tax and operational considerations. From there, we develop a tailored plan that may include buy-sell agreements, trust provisions, and continuity measures, coordinating with financial advisors as needed. After drafting and review, we assist with execution and provide a plan for ongoing reviews so the succession framework remains effective as circumstances change.
Step 1: Initial Consultation and Assessment
The initial phase focuses on gathering information about ownership, management roles, financials, and the owner’s objectives for transition. We interview stakeholders to understand relationships and expectations, review governing documents and financial statements, and identify potential legal or tax issues. This assessment clarifies whether a limited or comprehensive approach best suits the business and outlines the documents and coordination needed. A thoughtful assessment sets the foundation for drafting appropriate agreements and developing a practical implementation timeline.
Information Gathering and Stakeholder Interviews
We collect and review corporate documents, ownership records, contracts, and financial statements, and interview owners and key stakeholders to understand goals and concerns. This includes identifying potential successors, existing buyout agreements or trusts, and any creditor or regulatory constraints. Gathering detailed information early helps reveal valuation issues, liquidity needs, and governance conflicts that should be addressed in the plan. The goal is to ensure the legal strategy rests on an accurate understanding of the business and the parties involved.
Risk Assessment and Goal Alignment
After gathering facts, we analyze risks such as family disputes, tax exposure, or operational gaps and align legal options with the owner’s goals. This phase identifies whether buy-sell provisions, trusts, or other vehicles best accomplish the desired outcomes. We discuss funding options to support buyouts and strategies to mitigate tax and governance risks. This analysis helps the owner prioritize objectives and select a tailored path forward that balances simplicity, cost, and effectiveness for their particular situation.
Step 2: Plan Development and Document Drafting
In this phase we prepare the legal documents that implement the agreed succession strategy, drafting buy-sell agreements, trust provisions, amendments to governing documents, and ancillary contracts as needed. We coordinate with tax and financial professionals to ensure that structure and timing fit financial goals and minimize unintended consequences. Drafting focuses on clarity and enforceability, specifying valuation methods, triggering events, funding arrangements, and dispute resolution mechanisms so the plan functions as intended under a variety of scenarios.
Structuring Ownership Transfers and Buyouts
We design mechanisms for transferring ownership that reflect the owner’s objectives, whether through sale, gift, trust transfers, or staged buyouts. The documents set valuation procedures and payment terms, and include provisions to fund transfers when needed. Proper structuring helps ensure that a transfer does not destabilize the business or leave successors with unmanageable obligations. Drafting also includes contingencies for partial transfers, minority protections, and terms that preserve operational control during transitions.
Tax Coordination and Financial Planning Integration
We work with advisors to align the legal documents with tax planning and financial strategies so transfers occur in the most efficient manner possible. This may include timing of transfers, use of trusts, or other mechanisms to reduce tax consequences and preserve liquidity. Coordinated planning also addresses estate implications and funding requirements so the business remains solvent during buyouts. Ensuring consistency across legal and financial plans protects more of the business’s value for owners and beneficiaries.
Step 3: Implementation and Ongoing Maintenance
After documents are finalized and signed, we assist with implementation tasks such as transferring ownership interests, updating corporate records, and coordinating insurance or financing to support buyouts. Implementation also includes communicating the plan to stakeholders and providing guidance for management transitions. Ongoing maintenance is important; we recommend periodic reviews to reflect changes in business value, ownership, or tax law. Regular updates ensure the plan remains effective and aligned with the owner’s objectives as circumstances evolve.
Execution of Agreements and Funding Plans
Execution involves carrying out the agreements and putting funding mechanisms into place, such as life insurance, loan arrangements, or escrow funding for buyouts. We ensure all transfers are properly recorded in corporate documents and that payment schedules or financing arrangements are documented. Proper execution reduces the risk of enforcement issues later and provides a clear path for the actual transfer of ownership. We also help coordinate closing steps so transitions occur smoothly and in accordance with the agreed terms.
Periodic Review and Adjustments
Periodic review helps ensure the succession plan remains aligned with the business’s value, ownership changes, and evolving family or market conditions. We recommend scheduled check-ins to update valuation formulas, funding mechanisms, and any governance changes required by growth, new partners, or regulatory shifts. Updates also address life changes for owners or beneficiaries, helping prevent plans from becoming outdated. Proactive maintenance keeps the plan practical and reduces the likelihood of last-minute problems during a transition.
Frequently Asked Questions about Business Succession Planning
What is the first step in creating a business succession plan?
The first step is a thorough assessment of ownership structure, business goals, and stakeholder relationships. During an initial meeting we gather corporate documents, discuss the owner’s objectives for transfer or retirement, and identify potential successors and key risks. Understanding these fundamentals allows us to recommend whether a limited or comprehensive plan best suits the company’s needs. Once the assessment is complete, we outline the recommended approach, including necessary documents such as buy-sell agreements, trust provisions, or governance amendments, and coordinate with tax or financial advisors as needed. This structured start ensures that subsequent drafting and implementation reflect the owner’s priorities and practical realities.
How does a buy-sell agreement protect my business?
A buy-sell agreement sets clear rules for what happens to an owner’s interest upon retirement, death, disability, or departure, specifying who may buy the interest, how it is valued, and the payment terms. By defining these mechanics in advance, the agreement prevents outside parties from acquiring ownership unexpectedly and provides a fair process for remaining owners to acquire the interest. Buy-sell agreements can also include funding mechanisms, such as insurance or payment schedules, to ensure liquidity for the purchase. Having these provisions in place reduces uncertainty and helps maintain business stability during ownership changes.
When should I consider using a trust in succession planning?
Trusts are helpful when owners want to separate economic benefits from management control, provide for family members, or address estate planning goals. A succession trust can hold ownership interests for beneficiaries while designating how management decisions are made and distributions are handled, which can preserve family harmony and provide orderly transfer mechanisms. Trusts are particularly useful when owners want to limit direct ownership by heirs, protect business continuity, or coordinate business succession with broader estate plans. Coordination with financial and tax advisors ensures that trusts are structured to meet both legal and financial objectives.
How is business valuation determined for a buyout?
Business valuation for a buyout is determined using methods appropriate to the company’s size, industry, and financial profile, such as income-based, market-based, or asset-based approaches. Effective valuation clauses in succession documents either specify a formula, require a qualified appraisal, or set a defined process for determining value to minimize disputes at the time of transfer. Including clear valuation procedures in planning documents reduces ambiguity and makes buyouts predictable. Discussions during planning help select the most appropriate valuation approach for the business’s particular circumstances and ownership goals.
What funding options exist for purchasing an owner’s interest?
Common funding options include life insurance policies to provide immediate liquidity on an owner’s death, seller financing or installment payments, and external financing such as bank loans or refinancing of business assets. The right option depends on the business’s cash flow, the owner’s goals, and the buyer’s capacity to pay. Planning should align funding choices with valuation and timing so that buyouts do not strain the company financially. Coordinating with financial advisors helps identify practical funding mechanisms that support a smooth ownership transfer while preserving business operations.
How often should a succession plan be reviewed?
Succession plans should be reviewed periodically and after significant events such as changes in ownership, major shifts in business value, tax law updates, or changes in family circumstances. Regular reviews ensure valuation methods, funding arrangements, and governance provisions remain current and effective. A review cycle of every few years is common, but timing may vary based on company growth and life changes for owners. Proactive maintenance reduces the risk of outdated provisions that could complicate a future transition.
Can succession planning help avoid family disputes?
Yes, clear succession documents that define roles, valuation, and transfer mechanics can significantly reduce the likelihood of family disputes by setting expectations in advance. When responsibilities and compensation are documented and agreed upon, family members have a transparent process to follow, which minimizes ambiguity and emotional conflict at the time of transition. Combining legal agreements with open discussions and mediation where appropriate helps align family members around a shared plan. Effective communication and documentation together help preserve relationships and support a successful transfer.
Do succession plans reduce tax liability?
Succession plans can be designed to manage tax consequences by coordinating timing of transfers, employing trust structures where appropriate, and aligning ownership changes with estate planning strategies. Working with tax and financial advisors during the planning process helps identify approaches that preserve more of the business’s value for owners and beneficiaries. While planning cannot eliminate all tax liabilities, thoughtful structuring and coordination can minimize unnecessary tax burdens and improve liquidity for buyouts. Each business and owner’s situation is unique, so tailored advice is important for effective tax-sensitive planning.
What happens if an owner becomes incapacitated without a plan?
Without a succession plan, an owner’s incapacity or death can lead to uncertainty about who will manage the business, potential leadership gaps, and disputes over ownership interests. The absence of clear legal documents may delay critical decisions, harm customer relations, and threaten business continuity while stakeholders resolve ownership questions. Having a plan in place names interim managers, specifies buyout mechanics, and directs ownership transfers in defined ways, reducing disruption. Contingency provisions and clear governance reduce the operational and financial risks associated with unexpected events.
How do I start the process with Jay Johnson Law Firm?
To begin, contact Jay Johnson Law Firm at 731-206-9700 to schedule an initial review. During this meeting we will discuss your business, ownership structure, goals for transition, and any immediate concerns. We will also identify documents and financial information needed for an effective assessment. Following the initial review, we recommend an assessment phase to define the appropriate scope of planning and to coordinate with any tax or financial advisors. From there we prepare tailored documents and assist with implementation and ongoing maintenance to ensure the plan functions as intended.