Succession Planning Plan. Protect. Prosper.

Grand Rapids Succession Planning Lawyer

Succession planning involves the transfer of ownership and management of a business or estate from generation to generation. This is a critical step for business owners, farmers, professionals, and families who wish to preserve their hard work and pass it on smoothly. 

Without a clear and legally sound succession plan, valuable assets may be lost, family relationships may become strained, and businesses may face unnecessary disruption or closure.

Since 2006, Inhulsen Law has worked with individuals and families to develop personalized succession plans that reflect their unique goals and values. We can help you identify key decision-makers, evaluate the best tools for transferring assets, and create a clear, legally sound strategy for moving forward.

Reserve your complimentary initial consultation with our Grand Rapids succession planning team at Inhulsen Law by phone at (616) 345-2810. Or email us on our contact form to get started. 

Understanding Succession Planning

Succession planning involves creating comprehensive strategies to determine how assets, roles, or responsibilities will be transferred when a person or business owner can no longer manage them. 

For individuals, this often means planning to distribute assets and properties. For business owners, succession planning enables a smooth transfer of leadership to preserve the company's stability and future.

This process benefits individuals and families by reducing uncertainty and allowing them to prepare for the future. It establishes a clear roadmap for businesses to avoid operational disruptions during leadership transitions.

Tools & Methods for Effective Succession Planning 

Several legal tools and strategies are used to create an effective succession plan, each addressing specific circumstances.

  • Wills: These foundational tools specify how assets and property should be distributed after a person passes away; they provide clarity for heirs and reduce potential disputes.
  • Trusts: These allow for the controlled transfer of assets to beneficiaries while providing potential tax advantages. They are particularly beneficial for individuals with complex estates or specific conditions regarding asset distribution.
  • Business transition plans: A well-drafted plan outlines who will take over the business and how management or ownership will be transferred. 
  • Power of attorney and healthcare directives: These designate individuals to make financial, legal, or medical decisions on behalf of someone who becomes incapacitated. Planning for these scenarios is a key part of a comprehensive succession plan.
  • Asset protection: Safeguarding wealth through strategic planning, such as setting up irrevocable trusts or restructuring ownership, can help protect assets from potential risks or creditors.

Our Clients Say It Best

    “The knowledge and professionalism were invaluable.”
    “I have been very impressed with Inhulsen law services. The knowledge and professionalism were invaluable. John explained everything clearly and kept me informed throughout the process. I was very pleased with the successful outcome and learned so much from him. I would highly recommend this place!”
    - Lourdes B.
    “Look no further Inhulsen Law!”
    “If you are looking for an attorney who will truly help you build the life you deserve, then look no further Inhulsen Law. As an attorney who has the opportunity to collaborate with John, I can attest to his depth of knowledge as well as his commitment to excellence. Whether you need assistance with the complexities of business formation and planning or building and estate plan to protect the future of your family, John will apply a creative and honest approach that will make you instantly realize you made the right choice hiring Inhulsen Law.”
    - Joshua S.
    “Fantastic firm”
    “Fantastic firm, very personable and receptive to what you’re looking for. Listened to my mom and I for her estate planning. Angela was also very attentive to our needs. Have a life long partnership. Thank you both!”
    - Salty Dog
    “You should work with Inhulsen Law.”
    “My wife and I had a very positive experience working with Inhulsen Law to update our Will and to put our assets into Living Trusts. The process is very thorough and they take a no-pressure approach to understanding your needs and will give you multiple options, explaining the benefits of each. They use a model where no question is a bad question and will break down what can seem like a complicated process into an easy to understand format. They take a very personal approach to getting to know you and your needs and we never felt rushed, pressured, or confused throughout the whole process. If you want an Attorney who values their clients seeking a long term relationship with you, you should work with Inhulsen Law.”
    - Curt W.
    “I had an excellent experience working with John”
    “I had an excellent experience working with John on our estate planning. He took the time to explain everything clearly, answered all of our questions, and made what initially felt overwhelming into a smooth and stress-free process. We truly appreciated his attention to detail, professionalism, and ability to tailor the plan to our family’s specific needs. We now feel confident knowing everything is in order. We highly recommend John Inhulsen to anyone looking for a knowledgeable and caring estate planning attorney.”
    - Becky L.
    “I definitely recommend him and his services!”
    “I had John draw up my will and was so impressed with how knowledgeable and kind he and his staff were. The process was thoroughly explained and it is a huge relief to have things settled for my kids. I definitely recommend him and his services!”
    - Heidi H.
    “Answer to prayer!”
    “Answer to prayer! My husband and I finally decided it was time to put a Trust and Will in place. It was unnerving to think about estate planning because we did not know who to talk to, where to start or what to expect. Thankfully, after searching the internet for a law firm, we discovered Inhulsen Law. We were more than impressed with the outstanding reviews! Setting up an appointment with John was simple and quick. The entire process was explained to us in an uncomplicated way. In our first meeting with John it was apparent to us that he has a genuine interest in building relationships with people and helping them obtain their goals. John's character is stellar and his knowledge of the law is extensive. It feels good to have a law firm you can trust and someone like John you can reach out to and feel confident he will point you in the right direction.”
    - Lori A.
    “John's professionalism is first tier.”
    “Recently John Inhulsen took time out of his day to call me when I encountered a legal matter over my head. John talked me through it and made me feel so much better about what I was facing. John's professionalism is first tier. Obviously, he knows and understands the legal world, all aspects. I recommend his team highly.”
    - Ted L.

Business Succession Planning

For business owners, succession planning involves more than simply deciding who will take over. It includes preparing successors to step into leadership roles, planning to transfer ownership shares, and addressing financial and tax considerations. 

A comprehensive plan may include: 

  • Buy-sell agreements
  • Ownership restructuring
  • Gifting strategies that take advantage of current tax laws
  • Addressing disability, retirement, or unexpected death, allowing the business to continue operating with minimal interruption

Succession planning is equally essential in family farms or closely held companies. Many of these businesses involve significant land or property holdings, making them complex financially and emotionally. 

A thoughtful plan can help prevent conflicts among heirs and provide clear guidance for how the business or property will be managed and passed down. It can also clarify roles, responsibilities, and compensation for family members involved in the operation.

Work with a Proven Law Firm 

Without a succession plan, the future of your business or estate may be left in the hands of the courts or individuals who do not fully understand your wishes. State law will determine how assets are distributed, which may not reflect your goals or values. This can lead to unnecessary costs, delays, and even legal disputes among family members or business partners.

Work with our Grand Rapids succession planning team if you own a business, farm, or estate. Contact us at (616) 345-2810 to learn how we can help you protect your legacy and peace of mind.

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