Riverside estate planning attorney Dennis Sandoval will attend the Riverside County Estate Planning Council this week to hear Susan Rounds, Director of the Wealth Planning Group at Deutsche Bank Wealth Management – Americas, based in Los Angeles. Ms. Rounds talk will be on Successful Succession of the Privately Held Business and Wealth. The membership of the Estate Planning Council of Riverside County consists of attorneys, certified public accountants, certified financial planners, professional fiduciaries and other professionals who devote a substantial portion of their practice to estate planning and administration of trusts and estates. Dennis just ended his term on its Board of Directors in 2017.
The greatest part of America’s wealth lies with family owned businesses. Family owned firms comprise eighty to ninety percent of all business enterprises in North America. Small business employ just over half of the workers in the United States.
The Family Business Alliance maintains statistics that show that only about a third of family owned businesses are passed on to the second generation. Worse yet, only about twelve percent of family businesses are passed on to the third generation (grandchildren of the founders) and less than three percent make it to the fourth generation or beyond.
The estate planning attorneys at Sandoval Legacy Group, a division of Holstrom, Block & Parke, A Professional Law Corporation have specialized expertise in helping business owners in Riverside and San Bernardino Counties maximize their value and increase the chances of a successful transfer to a business partner or second generation. In addition to the business plan and a customized estate plan, a key component of the transition is the buy-sell agreement. Spmetimes life insurance is utilized as a tax advantaged means of creating liquidity, maintaining ownership and passing wealth on to a surviving spouse or business partner. The attorneys have advanced legal certifications and tax degrees that allow them to assist their business clients with structuring a business plan, estate plan, and buy sell agreement to simplify the transition of the business after the disability, retirement, or death of the founding business owner(s).
Law firm founder Dennis M. Sandoval is the only attorney is California who has been designated as a Certified Estate Planning, Trust and Probate Law Specialist and Certified Taxation Law Specialist by the California Bar Board of Legal Specialization and a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation. He also received his Accredited Estate Planner (AEP) designation from the National Association of Estate Planners and Councils and is one of less than 100 attorneys nationwide who has been named a Fellow of the National Academy of Elder Law Attorneys (NAELA). He has been named as a Southern California Super Lawyer since 2011. Prior to becoming an attorney, Dennis held the designation of Certified Financial Planner (CFP) and owned a tax, financial planning and registered investment advisory firm for about 15 years.
Owners of family businesses who plan for the transition to a business partner or the next generation of family owners have a much better chance of success than those who do not. Contact Mr. Sandoval at 951-787-7711 or through the firm’s website to schedule an appointment to discuss your situation.
Have a question? Ask Dennis.