Succession Planning: Structuring Roles for the Next Generation

Our latest podcast features attorneys Jacob Rich and Jeffrey Leonard discussing the confusion surrounding the Corporate Transparency Act (CTA) – and, more importantly, what all those changes mean for small business owners.

The legal landscape is crowded out there. We know that choosing a law firm that you can trust can be a challenge.

In contrast to many other firms practicing today, CPMT was created with intention, and that legacy is present in the work we’re still doing today, nearly fifty years later.

This month on the podcast, we’re sitting down with Stephen Merlin and his son Scott to discuss what sets CPMT apart as a law firm. That conversation turned to the question of what it’s like to run a family business like CPMT and how succession planning works for a family-owned business. No two families will experience succession the same way. Instead, it is a multifaceted undertaking that extends beyond mere financial and legal considerations. It gets right at the heart of family dynamics, values, and the legacy the family wants to build for future generations.

This month on the podcast, we’re sitting down with Doug Wessinger and Ritesh “Tesh” Patel, who are some of our most experienced CPMT team attorneys, to discuss the Corporate Transparency Act and the important changes in policy that it has brought about.

This month on the podcast, Claire Mattson and Elise Myers, two family wealth planning experts on the CPMT team, sit down and discuss what Claire calls “a case study of generational interaction, conflict, and the kind of things that happen around holiday gatherings.”

The legal profession is undergoing a technological revolution as artificial intelligence (AI) reshapes how legal tasks are performed. ChatGPTand other generative AI tools have become a resource for many laypeople who want to understand more about legal practices. But will AI ever replace real lawyers?

This month on the CPMT podcast, Tony Turner explains how some of our clients may be affected by an upcoming scheduled change to the federal estate and gift tax exemption. This exemption is particularly relevant to those with substantial assets. The current high exemption levels have allowed many individuals to transfer wealth with minimal tax burden, but these exemptions are scheduled to sunset after 2025.

Traveling offers a chance to explore new places and create lasting memories, but it also comes with the responsibility of ensuring your affairs are in order before you go. One of the most crucial preparations you can make is to have all of your estate planning documents in place. These documents can safeguard your financial and medical decisions if there is an emergency while you’re away from home.