wills long-term financial success

Where there’s a will…. How to set your business and your family up for long-term financial success

Estate planning isn’t just for the rich and famous.

For someone working hard towards future success, in a career of choice or as owner of a start-up or growing business, setting an intentional plan is critical to reaching important goals.

“Establishing a relationship with an estate planning attorney is as necessary as picking a family doctor,” said David Sherman, founding partner of the New Orleans firm Chehardy, Sherman, Williams Recile & Hayes. “Trusted advisors are needed every step of the way,” said Sherman, who has helped hundreds of families and businesses achieve their goals in his four decade long legal career.

“When you’re young and building your estate, you need a financial planner to help you acquire wealth,” said Sherman. “Over time, that person works in tandem with an estate planner, who understands how to preserve assets and protect them from tax liability and ultimately transfer them according to a client’s wishes upon his or her death.”

At its most basic level, estate planning comes with a well-conceived will, said Steven Hayes, founding partner of the New Orleans firm Chehardy, Sherman, Williams Recile & Hayes. “It’s a misnomer that only high net worth individuals need a will,” he said. “A properly drafted will can reduce tax consequences no matter how much money you have. Estate planning isn’t just for the uber wealthy. For instance many people have complicated families, which can become even more complicated if a family business is in the picture.”

Estate planning is a straightforward process, added Hayes. “The central issues are first to make sure that when someone dies their assets go to the people they want them to go to; secondly you want to accomplish that while minimizing taxes and other costs that could be incurred; and thirdly to reduce or eliminate conflict in the family. It really is that simple.”