You have spent your adult life building your business and should be proud of what you have accomplished. More than 99 percent of American workers are employed by small businesses, making your contribution a tradition. When you are considering retirement or want to plan for what will happen to your business when you cannot run it, a knowledgeable estate planning attorney could help.
Whether you are a sole proprietor, a partner, a member of a limited liability company, or a shareholder in a corporation, your holdings must go somewhere. A Warrendale business succession planning lawyer can handle these details so you can focus on your company.
When you meet with our estate planning attorneys, we help you determine an exit strategy. We’ll ask about your objectives. For example, do you want family to inherit the business, or do you hope to sell and use the money as your retirement cushion, leaving the remainder to those named in your will?
Should you become too ill to perform your job or if you divorce, a judge will decide if an estranged spouse should receive your business in a settlement per Pennsylvania Consolidated Statutes Annotated § 3502, which describes an equitable distribution model for dividing property. Additional steps you should take if the business is to remain in the family or be sold include:
Your situation is unique, and the next steps for your business should be part of estate planning for retirement, possible long-term care, and final disposition of assets. Our Warrendale business succession planning attorneys could evaluate your lifestyle, needs, and objectives to design a comprehensive estate plan.
Unfortunately, most family businesses in the U.S. do not survive into the third generation because relatives do not want to carry it on. A sale to a third party could ensure your legacy continues.
A buy-sell agreement spells out the provisions for transferring ownership of one party’s holdings to another. One party buys, and one sells. The agreement includes the selling price and valuation method for the business as well as other duties of the parties.
A revocable trust allows you to deposit, manage, and modify assets that are put in a revocable trust. You can make changes to the trust assets and beneficiaries at any time. Revocable trusts become irrevocable upon your death, and assets are then distributed to beneficiaries, circumventing probate and inheritance taxes.
A Warrendale business succession planning lawyer from our firm could help you understand how to use revocable trusts and buy-sell agreements to determine the future of your holdings.
When you engage in estate planning with us, we take a holistic approach to safeguard what you have worked hard for during your lifetime. What you do with money, real estate, jewelry, and mementos is a large part of it, but the business you have built is, too.
We safeguard your business so future generations can continue to build it when you are gone. If you divest it from your assets, the money you receive continues to work for you and the remainder benefits your loved ones after your death. Schedule a consultation with our Warrendale business succession planning lawyers today. You can also click here to come to an elder law workshop.
