Strategies For Passing On A Family-Owned Business
There are many considerations in transferring a family business to a new generation. Are all children involved in the business or only some? Should all children be treated equally in succession? Will you still be involved in running the business or drawing income from it? What is the valuation and what are the tax considerations for you and your heirs?
The attorneys of Voelkl Law PC, can address all estate planning and estate administration issues relating to business succession. We can advise business owners who are planning for the transfer of a family-owned company, and we can advise individuals or siblings who are tapped to inherit and take over the family business.
Our Buffalo law practice serves Erie County and surrounding counties of Western New York. Arrange a consultation today to discuss the future of the business you created. Call 716-276-0803 or email us your questions.
Buffalo Business Succession Planning Lawyers
We help clients outline and achieve their succession goals and address key matters such as who will run the company, who will inherit and whether the founder/owner wants to turn over the reins but retain an income stream. We can assist in establishing business entities such as an LLC or family limited partnership. We enlist the right professionals to obtain valuation statements of what the company is worth.
Our attorneys can also provide strategies for structuring the intergenerational transfer to avoid or minimize capital gains and estate taxes. For example, the business might be removed from the personal estate into an intentionally defective grantor trust, with the discounted shares distributed back to the heirs to offset the gains and corresponding taxes.
Family Business Succession In Western New York
Our experienced attorneys can capably address all facets of small business succession planning to avoid the pitfalls and maximize the tax advantages. Call Voelkl Law PC at 716-276-0803 or contact us online to arrange an initial consultation.