Yesterday, I met with a couple from Harvey who had worked for 35 years to build up a successful family business. One of their major Estate goals is to allow their daughter, who is currently involved in the day-to-day operations of the business, to continue running the business after both spouses pass. They want their daughter to have full discretion regarding the direction of the business, and they want her to be free from dealing with outside influences. They don’t want lawyers, judges, or their other children preventing the daughter from carrying on the family business.
To accomplish this goal we are setting up a Revocable Living Trust. Without a trust the business could come to screeching halt upon the death of each spouse because a court supervised probate would be required to recognize who would mange and control the business. The trust will serve as a separate legal entity that will hold title to all shares in the family business as well as the real estate the business operates out of. While the couple is still alive they will retain complete control and power over all aspects of the business. After the first spouse passes, the surviving spouse will have complete control over the business immediately, and will not be stuck in limbo waiting for a court supervised probate to occur before taking real action with respect to the business. After the surviving spouse dies, the couple is giving their daughter complete discretion to administer the business and the other assets in the trust. This power will vest in the daughter immediately, and the other siblings, attorneys, and courts will not be breathing down her neck to get a probate completed.
The Louisiana Revocable Living Trust offers this family the perfect solution to accomplish their goals for the family business, and will save the family months of delays and tens of thousands of dollars simply by avoiding the probate.
If your family has a business and you care about the well-being of that business after you are gone, a Revocable Trust may be right for you. To find out more, call (504) 274-1980 in the Metairie and New Orleans Area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.