At Borakove Osman LLC in Madison, Wisconsin, we recognize that planning for the future involves understanding the distinct roles of estate planning and succession planning. While both involve strategies essential in ensuring continuity and securing your legacy, they are designed to meet different needs.
Estate planning primarily concerns individual and family arrangements to protect assets and health requirements. Succession, on the other hand, focuses on the continuation of businesses, including farms — a significant area of our practice. Our skilled attorneys are adept at navigating the complexities of both fields. Whether you’re planning for retirement, travel, or passing on your legacy, our knowledgeable attorneys will help prepare for your family and your business to thrive into the next generation.
Estate Planning
Estate planning is a fundamental process designed to manage and preserve your assets during your lifetime and to control their distribution following your death. At Borakove Osman LLC, we assist our clients throughout Wisconsin by:
Drafting and executing a variety of essential documents, including wills, trusts, power of attorney, and healthcare directives. Establishing trusts can serve multiple important purposes. They may be used to:
- Minimize estate taxes for high-net-worth estates
- Protect assets from creditors
- Provide for your loved ones without the delays and publicity associated with probate
- Maintain eligibility for government benefits in cases of special needs or incapacity
We will guide you through each step, ensuring that your estate plan reflects your wishes and goals, and provides you with the peace of mind of knowing that your family and legacy are both well-protected.
Succession Planning
Succession planning is critical for business owners, including those who own and operate farms. The process prepares your business to continue to operate efficiently without you, by arranging for the smooth transfer of ownership and management when you retire or pass away.
Our team will work with you to facilitate a smooth transition by:
- Identifying potential successors
- Developing training programs that will ready them for their future roles
- Create buy-sell agreements and funding mechanisms such as life insurance
to facilitate the transfer
By addressing these elements proactively, Borakove Osman LLC will help secure the future of your business and safeguard the livelihoods of those it supports.
Farm Continuation
For our clients in the agricultural sector, farm continuation planning is a critical component of succession planning. Attorney Shayna W. Borakove has a deep understanding of farms and farm succession since she grew up on a Missouri dairy farm. Shayna has shaped Borakove Osman LLC’s approach to farm continuation to involve more than just drafting the necessary documents. We will help you establish a comprehensive plan that includes financial stability, operational directives, and legal frameworks to ensure your farm’s enduring success.
In many cases, this may involve setting up specialized trusts, dealing with real estate matters, and planning for potential tax implications. Our goal, like yours, is to preserve your agricultural legacy and keep the farm in the family or ensure it is passed to a dedicated successor who can maintain its integrity and vitality.
Contact Our Experienced Wisconsin Estate & Business Planning Attorneys Today
If you are looking to secure your family’s future through estate planning and/or ensure that your business thrives for generations through carefully crafted succession planning, Borakove Osman LLC is the place to come. Our capable attorneys specialize in creating tailored strategies to meet the needs of Wisconsin residents and business owners. More than that, we personalize our services to fulfill the unique needs and wishes of you and your family. Contact us now to prepare for a future of success and security.
Borakove Osman, LLC is your trusted partner for estate planning for young families in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.