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Family Business Succession Planning
Building a family-owned business take decades of hard work and dedication. Sadly, many family-run businesses fail to survive the death of the original owner. This can be traced back to poor estate planning and confusion over the business succession plan. If you have spent years building your family business, make sure that the future is protected by created a family business succession plan.
Some key questions to consider before you talk to a lawyer include:
- Who will take-over my business upon my death? My spouse? A child? A trusted key employee?
- Do I understand the estate tax laws connected to my business?
- What arrangements should be made for your children who are not active in the business?
- Is your spouse or family financially independent from the business or are the dependent upon it for their lifestyle?
Once you have considered the above questions, talk to a business succession-planning attorney who can help you understand what consequences may affect your family upon your death. We can help you establish family limited partnerships, identify potential gifting taxes that may be owed, plan for future management, taxation, and insurance issues, and help with general business planning.
In addition to your business succession plan, you will need to ensure that your business financial plan and personal estate plans are coordinated. This will ensure that your family will have the funds necessary to pay any taxes that may be due upon your death and help to stabilize the company going forward.
At Henry & Beaver, LLP., we understand how important your family business is to your legacy. We are here to help you protect that legacy and prepare your family and business for the future. If you wish to discuss your family business succession options with an attorney, contact Henry & Beaver, LLP., today. Call our office at 717-274-3644 to schedule an appointment.