At Yee Law Group, PC we have been offering legal advice and counsel regarding business succession planning for decades. Guided by a thorough understanding of matters such as business law, taxation, and probate law, we help clients find personalized solutions to wealth-transfers.
If you have a business, or business interests, it’s important to consider what will happen to these assets if you become incapacitated or pass away. Regardless of your participation in the overall operation, business succession planning should be an integral part of your estate plan. By taking it into consideration you may protect you and your beneficiaries’ total wealth.
The Importance of a Business Succession Plan
In the U.S., a majority of businesses are family owned. These range from large enterprises to small single-shop operations. Regardless of how big or small a business is, tax implications and other consequences could occur during a succession transfer. You may avoid these hurdles by having an individually crafted plan for the easy transfer of your business to a partner, family member, third party, or other business entity.
Although you can create this plan on your own, a lawyer may consider the current structure such as LLC, corporation, sole proprietorship, or limited partnership. He or she may also discuss any specific objectives and review documentation to ensure everything is in the right place. A business succession lawyer such as Yee Law Group, PC might help you to:
- Significantly reduce or eliminate estate taxes
- Avoid probate or lengthy disputes
- Establish a monetary value for the business
- Determine who will operate the business
- Structure the business to be an entity that suits your needs and protects your wealth
- Consider financial interests of heirs not involved in the business
- Provide for the transfer of your interests to those involved in the business
- Prevent the sale of a family member’s interest to a person not related to the family
- Develop further planning to resolve disputes
- Provide for transfer costs, taxes, and other expenditures
- Restructure responsibilities and positions
If you think your business requires any of the aforementioned, please contact Yee Law Group, PC today to discuss your succession concerns.
Coordinating the Right Business Success Planning
Yee Law Group, PC provides flexible and practical business succession advice based upon the characteristics of the operation, goals, and any special personal circumstances. We work closely with each client and any third party financial professionals to develop a seamless, integrated business succession plan. We identify and consider important business factors, such as buy-sell agreements, voting trusts, and future changes in ownership. Our lawyers may also ensure any current trust or testamentary instruments support the plan for a smooth transfer of assets and control.
The sooner you start to plan for the transfer of your business, the better you can anticipate and avoid potential disputes. To find out how you can benefit from business succession planning, please contact Yee Law Group, PC at 916-927-9001.