Estate and Family Business Litigation

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Business Video – Radio Show
Estate and Family Business Litigation

Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652

Glen Kazlow
Cole and Schotz, P.A.
Court Plaza North
25 Main Street
Hackensack, N.J. 07601

Estate and Family Business Litigation

Many people have family businesses. Because they are family business there are tremendous problems that could erupt because of changing family relations. This in turn could create a tremendous amount of litigation. Here are some tips on how to deal with certain issues in estate and family business litigation:

• Know what you are signing and agreeing to in family business documents.
  -You may be signing something that gives others permission to do something drastic.
• Do not play favorites with children in family businesses.
  -It creates great resent in the business workplace and in the family.
  -If you do decide to do this, stipulate this in the will very clearly.
• Make sure you have long term goals in mind.
• Make sure you have clauses for certain special children.
• Use a Terrorium clause.
  -Challenging the clause nullifies anything you might receive.
• Make sure you are leaving your estate to the appropriate people.
  -This can be ensured by reviewing wills yearly to make sure it is current.
• Keep all key business figures knowledge about future business plans.
  -This includes who will have control over the company in the future or in the event of your demise.

The above is a summary of a radio show episode on WVNJ Radio, with host Martin M. Shenkman, of the Law Offices of Martin M. Shenkman, P.C., an estate planner in Paramus, New Jersey with guest Glen Kazlow of Cole and Schotz, P.A. Listen to the video clip of this segment on www.laweasy.com.

Disclaimer: Law Made Easy Press® provides practical and legal, tax, estate and financial information for educational purposes only. The goal is to help you best work with your professionals to save costs, and to obtain better service and results as an informed consumer. There is no assurance that the laws or sample documents are current, that the forms will achieve the desired goal in all circumstances. Laws change frequently and vary from location. Therefore, you should always consult with a local attorney, accountant, or other expert.