Succession Planning Attorney
Helping Clients Plan for the Transfer of Business Ownership
If you own a business or have a stake in a company, a succession plan can minimize the confusion and complexity that can arise when someone needs to take your place. When people pass away, become incapacitated, or retire without a clear succession plan, legal conflict among family members and colleagues can arise to make a complicated situation much more difficult to handle.
The right succession plan can help you with the following and more:
- Protect your business assets
- Avoid disputes among family members
- Decide the future direction of your company
- Benefit from federal and state tax advantages
- Control how your company can move forward without you
A business succession plan can be as crucial to your estate plan as a trust or your will. At Legacy Planning Group, we can help you plan for what should happen if a transfer of your business ownership needs to occur. You may have specific goals such as keeping your business in the family, selling your ownership to maximize your estate’s value, or handing the reigns to a trusted employee.
Whatever you need to accomplish, our succession planning attorney can apply our comprehensive and personalized approach to help you realize your optimal outcomes.
Advising You of Your Business Succession Options
Whether you want to help your business move forward without you or divest your interests to help your loved ones, Legacy Planning Group can support your goals. Our attorney has many years of experience when it comes to helping clients plan their exit from their companies.
We can help you understand and choose options that are most suited for your goals, such as the following:
- Creating buy-sell agreements so you can control how your ownership is transferred upon your incapacitation, death, or retirement.
- Establishing a grantor retained annuity trust (GRAT) to protect your assets while still benefiting from a steady stream of income for a period of time.
- Forming a private annuity by transferring ownership to a relative or another buyer in exchange for regular payments during a set period of time.
- Creating self-canceling installment notes where a buyer makes regular payments to you that are only canceled under certain circumstances.
- Forming a family-limited partnership to transfer your business interests to relatives over time.
There are many more options you can take advantage of when you want to ensure your company falls into the right hands or that selling your business interests provides you and your loved ones with valuable financial resources. Consider reaching out to our business succession attorney at Legacy Planning Group to learn more about how we can help.
Estate planning can be less daunting than you imagine when you work with Legacy Planning Group. If now’s the time for you to take the next crucial step in protecting yourself and those you love, get in touch with us today and schedule a consultation with our attorney.
“Working with Geoff and his team was an easy and stress-free experience.”- Cheri M.