Business Succession & Estate Planning

The hand-off of a family business to a new generation is an achievement. Most family businesses don’t make it to a second generation and even fewer to a third. Transitions can be sudden, such as when the founder becomes incapacitated or dies. They can also take place over time, with ownership and governance shifting according to the wishes of the family members and the best interests of the business. In both cases, careful planning and documentation can ease the transition. In a transition designed to take place over time, there are significant tax planning opportunities for the family owners. Working with your other trusted advisors, we can help you plan for a smooth, tax-efficient transition.

For business owners and their families, succession or exit plans should be integrated with their personal estate plans. We can prepare or revise your estate plan or we can work with your existing estate planning attorney to ensure that your assets, including any business assets, can be managed in the event of your incapacitation or will pass according to your wishes upon your death. We do this through:

  • Wills
  • Simple and Complex Trusts
  • Durable Powers of Attorney (for legal and financial matters)
  • Health Care Powers of Attorney (Health Care Proxies) (for health care decisions in the event of your incapacitation)