How Planning Ahead Mitigates Real Estate Environmental Cleanup Liability Risk for “Successors”
Though the consequences of toxic succession – the passing of environmental cleanup liabilities to successors at death – can be financially devastating to heirs, beneficiaries, or business partners, most financial and legal professionals still do not include toxic succession issues in their estate or business succession analysis. This white paper, in tandem with Campaign 5000, seeks to raise awareness of this crucial issue among such professionals, providing straightforward guidance on how to identify and begin to address potential toxic succession problems in the succession planning process.
Because of the potential for catastrophic consequences to those associated with an estate or business when contaminated sites are passed at death, financial and legal professionals who provide advice during the succession process need to be ready to identify and address such toxic succession issues.
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