Succession Planning
Veteran Attorneys Fighting for the Rights and Futures of Veterans
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National Veterans Succession Planning Attorneys
Assisting Veteran-Owned Businesses with Succession Planning Nationwide
Too many Veteran-owned business owners do not think about succession planning until it is too late. Though planning for sudden departures can sometimes be uncomfortable, every company should have a sound plan for what will happen if a senior executive unexpectedly exits.
Consider your own Veteran-owned business. If you were to leave the firm due to injury, illness, death, or a career change, what would happen? Who would take over, and how would the continuity of the business be preserved?
At the Veterans Advocacy Law Group, we help Veteran-owned business owners answer these questions and secure peace of mind. We are a service-disabled Veteran-owned firm that understands the importance of proactive planning, and our team is prepared to leverage our knowledge and resources to ensure the company you have worked so hard to build is prepared for a wide variety of scenarios. Our national Veterans succession planning attorney can provide the tailored assistance your business needs to develop a robust, adaptable transition strategy.
Call Veterans Advocacy Law Group today or contact us online to schedule a consultation with our national veterans succession planning attorney.
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The Importance and Legal Realities of Succession Planning
A Board of Directors, LLC managers, and partners all have a fiduciary duty to make every reasonable effort to protect the interests of their respective companies. This includes anticipating and addressing risks that could potentially harm the business, including the planned or unplanned departure of senior executives.
Should a CEO or another senior executive leave a company without any succession plan in place, a power vacuum may result. Infighting may disrupt business operations and prevent the company from achieving its objectives. Should these adverse outcomes occur, a Board of Directors, LLC managers, and partners could be held accountable for their failure to implement a succession plan.
In other words, creating a succession plan does more than protect the long-term future of a business. It also protects a business’s leaders from breach of fiduciary duty claims.
In certain situations, you and other members of your business’s leadership may have the unenviable task of asking for a voluntary resignation from your CEO. Before making this request, you must confirm that a majority of the company’s directors agree such a drastic change is necessary. You will also need to come to a consensus on a prospective successor or an interim CEO.
Prior to formally engaging the CEO, you must also review the corporation’s specific bylaws, the CEO’s employment agreement, and any applicable state or federal laws. These contracts and laws may limit your options or dictate the circumstances under which the CEO can be removed. Our team at The Veterans Advocacy Law Group can thoroughly evaluate the circumstances and walk your company’s leadership through all available strategies.
Next, several key decision-makers – typically directors – will meet with the CEO and discuss the resignation. It is important to emphasize to the CEO that their departure is not optional: You are only discussing its terms. This is especially true in cases where there is cause for termination.
The next steps will depend on whether the CEO agrees to resign. Should they refuse, you will need carefully follow specific procedures to facilitate a removal. Our national Veterans succession planning attorneys can provide the dependable guidance you need to navigate these high-stakes situations.
What are the Benefits of Veterans Succession Planning?
Some of the main advantages include:
- Protecting Military Benefits: One of the greatest advantages for veterans is the ability to preserve and pass on military benefits. Without proper planning, loved ones may miss out on valuable VA benefits, pensions, and healthcare entitlements. A well-constructed plan ensures that those benefits are maximized and smoothly transferred to your beneficiaries. Your family will have access to survivor benefits like DIC or SBP without the unnecessary delays that can occur without proper legal documentation.
- Avoiding Probate and Legal Disputes: A solid succession plan reduces the need for probate—a lengthy and expensive legal process where the court distributes your assets. By creating a clear, legally binding estate plan, you can ensure that your assets hand directly to your intended beneficiaries without unnecessary court involvement. This saves your family time, money, and potential emotional strain during an already difficult time. Furthermore, having a comprehensive plan in place prevents disputes among heirs or other potential claimants, ensuring your estate is settled smoothly and according to your wishes.
- Providing for Family Security: Succession planning ensures that your family is taken care of when you are no longer around. Veterans often have families that depend on them, whether through financial support, healthcare benefits, or other resources. A proper plan ensures that your spouse, children, and other loved ones are provided for, whether through asset transfers, trust funds, or continued access to military benefits. This security offers peace of mind, knowing that your family’s future is protected.
- Addressing Healthcare Needs and Long-Term Care: For veterans, healthcare is an important consideration in any succession plan. With healthcare directives and powers of attorney, veterans can specify how they wish to be cared for in the event of incapacitation. This includes designating trusted individuals to make decisions on your behalf, ensuring that your medical and financial wishes are respected.
- Managing Unique Veterans Assets: Many veterans may own unique assets tied to their service, such as military memorabilia, government pensions, or specific financial investments related to their time in the armed forces. Veterans succession planning ensures that these special assets are managed and distributed according to your wishes, honoring the legacy you built during your time in service.
Contact Veterans Advocacy Law Group today to get started with our national veterans succession planning lawyer.