Business Succession Plans
A business owner works hard his entire life to build a business. He must have a business succession plan which will allow the business to survive his death in order to benefit his family while maximizing the financial benefit to the business owner during his life. A Business succession plan is an investment in the future of the business for the next generation of owners as well as the customers and employees of the business. A business succession plan is also important as an incentive to the next generation to work the business in anticipation of the day they take the reins. An experienced tax lawyer can structure a business succession plan which minimizes or eliminates any income tax, gift tax or estate tax impact from the transfer of ownership to the younger generation. This process often involves changes to the business entity itself in order to facilitate a tax efficient and orderly transfer. It also involves shareholders (Buy-Sell) agreements, employment contracts, consulting contracts, trusts and a host of other legal instruments depending on the unique circumstances of each business. Business succession plans must be periodically reviewed as the circumstances of the business and the parties change. Further, changes in federal and state tax laws can necessitate modification of a business succession plan. Attorney Rubino has represented small businesses for 32 years and has worked with family businesses to design business succession plans for each individual situation. He can help your family business design a business succession plan which will enhance and protect your families wealth.