Providing for and protecting those you love the most
from those you love the least
Estate and Succession planning
I help my clients to focus on their estate planning which includes but is not limited to drafting their will and trust as applicable, making sure they protect their assets, and, importantly, making lifetime plans around powers of attorney, health care proxies, and disability. Read on for real-world examples of estate planning situations where I can help.
Succession planning can be a difficult area for people to embark upon; it is effectively planning for an event that you hope never happens, but actually looking upon it as bringing clarity and organization to your life is a better and more positive approach, bringing peace and order to your business life.
I do this by being the point person with a team of legal and financial specialists in business, labor and employment law, tax, investments, insurance, and retirement to create and optimize the plan which works for you to grow and eventually sell the business or continue your hard work in the future, giving peace of mind and satisfaction knowing your achievements will not stop with you.
Business Transition Planning
While I use the term “business succession planning,” a more precise but not-as-popular term might be “business transition planning” or even “business exit planning” as succession planning is a subset of the other two. In some cases, the most attractive possibility for a business owner is in fact to sell the company and its assets without a succession.
According to Business Week, only 40% of family-owned businesses survive into the second generation, and far fewer, 13%, make it into the third generation. There are many factors that work against smooth and successful transition which require the informed perspectives of many specialists.
Supporting your goals and success
Whether or not your small-to-medium-sized business is intended for or suited to a family succession, I can assemble and coordinate a multi-disciplinary team of experts whose members not only respect and complement one another’s gifts and skills, but are dedicated to supporting your goals and success. Many owners are so busy in the “doing” of their business that there is not enough time or energy left to do the planning that is needed.
Presentations for nonprofits
I also give presentations at meetings of religious, community, and educational groups on a wide range of topics relating to wills, powers of attorney, health care proxies, organ donation, electronic assets, and more. Public dates will be added to the calendar soon.
Background and Expertise
Education
- Maurice A. Deane School of Law at Hofstra University (J.D., Elder Law/Estate Planning, 2012)
- Columbia University in the City of New York (B.A., 1989)
Experience
- Sole Practitioner
Law Office of Thomas K. Chu - President of the Board of Directors
FaithTrust Institute - Legal Intern
Davidow Davidow Siegel & Stern - Transformative Mediator
Mediation Center of Dutchess County - Program Director, Ministries with Young People
The Episcopal Church
Contact Me
11 Broadway, Suite 615
New York, NY 10004
E-mail: thom@tkchulaw.com
Phone: (212) 882-1128
