Business Attorney in Akron, OH
Spatz Law Group helps family business owners in Akron and across Northeast Ohio plan who takes over and protect what they've built, so your business and your family are both ready for what comes next.
Your business plan and your estate plan should work together, and at Spatz Law Group they're built by the same attorney. Debra A. Spatz practiced transactional law in Chicago before focusing on estate planning, so ownership documents, succession and asset protection are familiar ground.
Family business owners usually come to us with the same three questions. What happens to my business if something happens to me? Who will inherit my business? Would my business have to go through probate? Your plan answers all three in writing, so nobody has to guess.
Many owners have a will that never mentions the business, or a company agreement written years ago that nobody has looked at since. When something happens, the company stalls while the family tries to sort out who can sign, who owns what and what it's worth.
Instead, your succession plan, your company's agreements and your will or trust are designed to fit together from the start.
That way the business you spent decades building keeps running, and its value reaches your family instead of getting stuck in probate.
Business Succession Planning
Every business changes hands eventually, through retirement, disability or death, and the only question is whether you decide how. A succession plan names who takes over, how ownership transfers and how your family is provided for, so a crisis doesn't force those decisions on people who were never prepared to make them.
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Asset Protection Planning
The most common asset protection mistake is waiting until there's a lawsuit, because transfers made after a claim exists can be undone. Planning ahead puts the right structures in place while things are calm, separating what you've built from the risks your business carries.
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Asset Protection Trusts
Ohio is one of a minority of states that let you set up a trust that shields assets from future creditors while you remain a beneficiary, called an Ohio Legacy Trust. It has strict requirements, including a qualified trustee other than you, so you'll learn exactly what it takes and whether it fits before you commit.
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Real Estate Asset Protection
Rental and investment properties carry risks your home and savings shouldn't share. Each property, or a small group of them, is held in its own company, and your trust owns the company. A claim at one property stays with that property, and the properties pass to your family without probate.
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Estate Planning for Business Owners
For many owners, the business is the largest single thing they own and the hardest to pass on, because it can't simply be split like a bank account. Your will or trust is coordinated with your company's ownership documents, so the business keeps running and its value reaches your family.
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I’ve known Attorney Deb Spatz for over two years, and she is one of the most caring and passionate estate planning attorneys in Ohio. Deb goes above and beyond to make sure her clients are fully supported with their wills, trusts, and estate planning needs. She has a gift for explaining complicated topics in a way that feels clear and approachable, which helps families feel confident and at ease throughout the planning process.
As a fellow attorney, I trust Deb completely and have no hesitation referring clients to her for Ohio estate planning services. She treats every family with compassion, professionalism, and the highest level of care. If you are looking for a knowledgeable, trustworthy, and heart-centered Ohio estate planning lawyer, I highly recommend Deb Spatz.
FAQ
Frequently Asked Questions
What happens to my business if something happens to me?
If you become seriously ill or pass away without a plan, nobody may have the authority to sign checks, pay employees or talk to the bank. Your heirs may inherit a share they don't want or can't run. A succession plan, a power of attorney that covers your business and estate documents that match your company's agreements let someone you trust step in right away.
Who will inherit my business?
Whoever your plan names. Without a plan, Ohio law decides, and your share is usually divided among your spouse and children whether or not they work in the business. Your plan can leave the business to the child who runs it, balance things out for the others with other assets or life insurance, and say who makes decisions in the meantime.
Would my business have to go through probate?
It may. An ownership interest in your name alone is property like any other, so it can be tied up in probate court, with its value listed in a public file. Holding your ownership in a revocable living trust, and making sure your company's agreements allow it, lets the business pass to your family privately.
Can an asset protection trust protect me from a lawsuit I'm already facing?
Generally, no. Ohio's Legacy Trust law and fraudulent transfer rules are designed to stop people from moving assets after a claim exists. Asset protection works when it's put in place before trouble arrives.
Should my trust own my business?
Often, yes. Holding your business interest in a revocable living trust can let your successor trustee step in without probate. But your operating or partnership agreement may limit transfers, so both documents need to be reviewed together.
Do you handle business lawsuits or contract disputes?
No. Our business work focuses on planning: succession, asset protection and the real estate you own, coordinated with your estate plan. For lawsuits, contract disputes or employment claims, you'll want an attorney who focuses on litigation.