Trust BCLP

Trust BCLP

Succession Planning

Main Content

The Most Savvy DIY Project to Do from Home During Quarantine… Organize your Personal Records!

https://www.thebalancecareers.com/thmb/rjTYCMK3xy_lm46lSuX4IebiLI0=/5056x2844/smart/filters:no_upscale()/woman-organizing-papers-95469172-5be8104346e0fb005197ec51.jpg

At this point you’ve probably cleaned out your closets and garage or tackled that home improvement project you’ve been wanting to do since you moved into your home.  Maybe you’ve even made banana bread, Dalgona whipped coffee or watched Tiger King and all three seasons of Ozark.  But what have you done to ensure your personal and family organization? One of the most important DIY projects that has been overlooked is the compilation, organization and maintenance of your important documents and records.

There is no better time than now to get your financial and estate planning documents in order!

Some of the information you should organize and compile is:

Contact Information: Create a list of all of the important people in your life (including their contact information). This list can include people like your attorney, your CPA, your named Executors and Trustees,

THE TOM PETTY ESTATE: A CAUTIONARY TALE IN BUSINESS SUCCESSION PLANNING

When a celebrity’s death hits the newswires, it’s often immediately followed by reports of the size of the deceased’s estate and the identity of the beneficiaries.   In addition, not infrequently public battles among the beneficiaries ensue.  Some disputes are the result of the simple (yet, significant) error of dying without an estate plan, as in the Prince estate.  Others provide specific lessons demonstrating the need for attention to detail when creating an estate plan, such as in Tom Petty’s estate.

Tom Petty was a historically-acclaimed singer-songwriter and record producer, who performed as a solo artist and as the lead singer for the Heartbreakers.  Upon his death in October of 2017, his trust directed the trustee, his second wife, to establish an entity to be used to hold and control Petty’s sizable and valuable music catalog.  The terms of the trust ascribing control of the entity provide, as follows:

Ownership Succession for Family-Owned Banks : Building the Right Estate Plan

4-15-15-BryanCave

This article describes what to do to protect the bank, your family and your investment.   Originally published on BankDirector.com.

For a number of community banks, the management and ownership of the institution is truly a family affair. For banks that are primarily controlled by a single investor or family, these concentrated ownership structures can also bring about significant bank regulatory issues upon a transfer of shares to the next generation.

Unfortunately, these regulatory issues do not just apply to families or individuals that own more than 50 percent of a financial institution or its parent holding company. Due to certain presumptions under the Bank Holding Company Act and the Change in Bank Control Act, estate plans relating to the ownership of as little as 5 percent of the voting stock of a financial institution may be subject to

The attorneys of Bryan Cave Leighton Paisner make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.