What is toxic succession?
The passing of environmentally contaminated real property sites at death whether from one generation to another, or to a business partner, charity, heir, or beneficiary.
Who is impacted?
Toxic estate succession affects any party who acquires the title to a contaminated parcel or who might financially benefit from the successful disposition of an estate that contains contaminated real property.
How costly is the potential liability?
A successor’s environment cleanup liability is based on the amount of contamination present which is often hundreds of thousand – or even multiple millions of dollars.
Why is this important?
Financial professionals, accountants, and attorneys cognizant of toxic succession issues can often significantly minimize environmental cleanup liability risk for the parties involved.
• Private Wealth Managers
• Tax & Estate Planning Accountants
• Attorneys – Trusts and Estate Planning
• Accountants and Business Valuations Experts
• Corporate Attorneys and Buy-Sell Agreements
• Charitable Organizations and Planned Giving Professionals
• Life Insurance Brokerage for High Net Worth & Key Man Situations
• Trust Companies and Trustees