Kim Hegwood, founder of Your Legacy Legal Care, transitioned from a career in litigation to specialize in estate planning with an emphasis on elder law, fueled by her close bond with her grandparents. Hegwood accentuates the importance of incorporating business succession planning into estate planning, recognizing the necessity of planning for incapacity, not just death. Her perspective, informed by experiences in helping families navigate dementia and guardianship issues, emphasizes precautionary measures such as updating business agreements and meticulous documentation to protect business assets. Hegwood's strategic approach to estate planning includes elements like minimizing tax implications and planning the transition of the business to the next generation without triggering estate taxes. Her unique insight combines her proficiency in elder law and estate planning, offering comprehensive and strategic solutions for business owners aiming to secure their legacy and life's work.Here’s what to expect this episode:

Seeking professional expertise is crucial when selling a business to ensure a successful transition and maximize value.

Estate planning is essential for asset protection and succession planning for business owners.

Creating trusts for minor children in estate planning is recommended to avoid unnecessary expenses and court involvement.

Having a comprehensive succession plan for family businesses is crucial to prevent entitlement issues and family conflicts.

Conducting meetings, keeping minutes, and documenting decisions are vital steps in safeguarding a business's assets and future success.

 Connect with Kimberly Hegwoodhttps://yourlegacylegalcare.com/Connect with Jacob Koenig:https://woodbridgegrp.com/Learn more about your ad choices. Visit megaphone.fm/adchoices