Business Succession

Owners of closely held businesses are confronted with unique estate and financial planning problems. Effective tax planning is essential for such individuals because failure to take tax liability into account may result in a forced sale or liquidation of the business. Estate planning attorneys work especially closely with such individuals to ensure that the business passes intact to the next generation and that family members, working in the business or not, are provided for. A variety of sophisticated planning vehicles may be used for such clients, including shareholder agreements, gifts of stock, corporate recapitalizations and irrevocable trusts. Further, the firm assists such individuals in structuring their business affairs to avoid tax traps that may arise from common transactions such as loans, leases, asset purchase and sale agreements and employment agreements.

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