From business matters to personal legal issues.
Asset Management & Business Succession Planning
You have invested a lot of time and money into creating your successful family-owned business or closely held corporation a success, and you want to make sure that it continues to thrive after you are no longer involved in daily operations. The experienced estate planning lawyers at Morton & Gettys can assist with business succession planning and help you do that.
The key question: Do you want the business to continue under family ownership or do you want it to be sold to provide for a spouse or children? Once you have talked with your family and determined an answer, Morton & Gettys can help create a plan to execute it.
Family Limited Partnerships are one tool that is becoming increasingly popular. They allow families to move assets from one generation to the next and avoid the harsh impact of excessive estate taxes by making the transfers incrementally, over a number of years. The partnerships also protect assets from creditors and against lawsuits while you are alive.
For a business with a single owner, a key planning question often becomes, which heirs would want to be involved in the business or have the skills to run it? If only one meets those qualifications, Morton & Gettys can help create a plan to transfer the business to that heir while making sure others receive an equal distribution of assets.
For businesses with multiple owners, planning should begin with a thorough examination of the company’s governing documents. A buy/sell agreement is crucial. Without one, laws governing buyout ownership determine the company’s fate in the event of one owner’s death.