Dale & Eke is taking the COVID-19 outbreak very seriously.  So, for the purpose of maintaining social distancing under CDC guidelines and to promote the health and safety of our clients, visitors and staff and reduce the spread of COVID-19, our physical office will be closed until further notice.

For the time being we are limiting all in-office meetings to those clients and potential clients who are not feeling ill or who have not shown signs of illness.  However, we are recommending that, unless you make other arrangements with your attorney, all client and potential client meetings occur via telephone or video conferencing.  If you have any paperwork for us that you need to drop off, please use the mail slot outside of the front door to our office.

We can still be reached at our office telephone number (317-844-7400). Your call will be answered by our office phone system and you may leave a voicemail in the general mailbox or with a specific attorney. All voicemails left in the general mailbox will be routed to the requested attorney or staff.

You may also email the firm through its website at  www.daleeke.com.

We will continue to monitor this evolving situation and adjust procedures as necessary.  Your health and safety, and the health and safety of our attorneys and staff, is our highest priority.  We thank you for your patience and understanding during these uncertain and unprecedented times.

A Professional Corporation of Attorneys at Law

How business succession fits into an estate plan

Some family-run businesses may not give much thought to succession planning. Many proprietors assume that after they die, their heirs will simply take over and manage things. As reported by The Business Journals, approximately 60% of owners surveyed disclosed they would divide their companies evenly between their heirs.

Siblings may, however, feel resentment toward each other when a business falls into their hands. An heir who devoted significant time to a family-owned enterprise may believe that he or she should have inherited a larger portion than siblings who devoted much less time.

Transferring business ownership before death

Some heirs may have no desire to manage an inherited company, but a business owner may possess a good understanding of who will best serve the needs of the enterprise. In this case, options exist to transfer an ownership interest before death or illness requires it. Restructuring a private company and issuing stocks represents one way to proactively acknowledge the next legal owner.

A successful transfer may require hands-on training to prepare an heir to assume control. He or she may need to begin fostering relationships with customers, vendors and suppliers. Open communication may overcome employee concerns of nepotism playing a role in an heir’s promotion.

Using a trust and financial accounts to designate future ownership

Estate planning may designate a particular heir as a sole beneficiary of a business, and the company’s assets may transfer to a trust. As described by Bankrate.com, an owner may also list heirs as beneficiaries on financial accounts so that cash or stocks transfer upon death without probate.

An effective succession requires a predetermined plan for an enterprise to continue with a limited transition period and minimal complications. Several options exist to achieve this. Owners who prepare now may not need to worry about a business interruption or failure to meet clients’ needs.