Dear Friend,

When Dave first came to my office, I could see the stress on his face. At 62, he had spent his entire life building a successful farming business from the ground up. It was his pride and joy, the culmination of decades of hard work, long nights, and countless sacrifices. But as much as Dave loved his business, he was losing sleep over what might happen when he was no longer around to run it. His biggest fear? That his kids, who each had different skills, interests, and personalities, would end up in a bitter dispute over how the business should be handled—and that it could tear his family apart.

Dave’s business wasn’t just a part of his financial legacy; it was his life’s work, something he hoped would continue to provide for his family long after he was gone. But he knew the business wasn’t easily divisible like cash or stocks. And that’s what scared him. “Mike, I’m worried that when I’m gone, my kids are going to fight over this business,” Dave told me. “One of them might want to run it, one might want to sell it, and I can’t bear the thought of them ending up in court or resenting each other over something I’ve worked so hard to build.”

Dave’s fears were justified. He’d heard horror stories of families torn apart by disputes over how to handle an operating business or other indivisible assets, and he didn’t want his kids’ relationships to suffer because of his estate. He wanted to leave behind a legacy that brought his family together, not something that would drive a wedge between them. He knew he needed a plan, but he didn’t know where to start.

The Solution: A Solid Plan to Protect the Business—and the Family

I knew exactly how to help Dave. He didn’t just need a will—he needed a comprehensive succession plan that would protect his business and keep his family out of court. We started by having an honest conversation about his goals, his concerns, and his vision for the future of the business. Dave made it clear: he wanted to make sure his kids were taken care of, but he also wanted to avoid any potential conflict over how the business was to be handled.

To address Dave’s concerns, I recommended setting up a Business Succession Plan and incorporating it into his estate plan. This would spell out exactly how the business should be managed or divided when he was gone, removing any ambiguity or room for dispute. We discussed various options, such as setting up a Buy-Sell Agreement that would allow one child to buy out the other’s share or creating a Trust that would manage the business and provide income to his children without involving them directly in the day-to-day operations.

We also established a Family Meeting strategy, where Dave could communicate his intentions clearly to his children while he was still alive. This gave Dave the opportunity to explain his decisions, outline his vision, and set the expectations so his kids would understand why he was making the choices he was. By addressing potential conflicts upfront, Dave was able to set the stage for a smoother transition.

Peace of Mind Through Planning

With the plan in place, Dave finally felt a weight lift off his shoulders. He knew his business would be protected, his kids would be provided for, and, most importantly, his legacy wouldn’t be the source of family strife. Dave’s fears of his children battling over the business were replaced with confidence that they would respect his wishes and continue his hard work without conflict.

If you’ve ever worried about what might happen to your business or other indivisible assets when you’re gone, you’re not alone. Disputes over estates can tear families apart, especially when significant assets aren’t easily divided. The good news is that with the right planning, you can protect your assets, your family, and your legacy.

If you share Dave’s concerns, call Bascom Law Firm today at 770-285-5493 to schedule a consultation. Let’s talk about your assets, your goals, and how we can create a plan that keeps your family out of court and your legacy intact. Don’t leave your life’s work to chance—take action now and make sure your wishes are honored.

Sincerely and Thanks,

Mike Bascom

Bascom Law, PC

Estate Planning & Elder Law