Setting Your Business on a Successful Path
As part of a complete estate plan, families with businesses must make adequate provisions for succession planning. At Avallone Law Associates, in Philadelphia, our attorneys advise clients on matters pertaining to estate planning, tax planning and business transfer planning. Contact us to discuss a customized business succession plan tailored to meet your family’s specific needs.
Maximizing Assets and Minimizing Taxes
Two of our clients’ greatest considerations when planning the transfer of a business is maximizing asset protection and minimizing tax consequences. At our firm, we understand and appreciate these concerns. We have a comprehensive understanding of business law, tax law and estate planning that comes from experience. Our lawyers have helped numerous clients across Pennsylvania, and New Jersey for 40 years.
In our experience, we have found one of the best ways to retain assets is to include trusts in business succession planning. Another angle our lawyers always consider when looking to retain assets is the underlying structure of the business.
For families with substantial business assets, one structural option is a family limited partnership (FLP). In an FLP, the family assets are pooled into a single partnership and family members are issued shares. This process allows for significant tax savings over the course of time since shares can be transferred/gifted to future generations at discounted values.
If you desire to keep a business in the family or plan to transfer your business to another individual or company, planning ahead will create a simpler exit strategy and a greater likelihood of uninterrupted prosperity.
Answers to Business Succession Planning
If you have questions or concerns regarding business succession planning, wills or trusts, please call our firm. We are well-versed in the law and have 40 years of experience providing dedicated counsel and steadfast representation.
To schedule a free initial consultation to discuss your estate planning options or to begin creating your will and/or trusts, contact a lawyer at Avallone Law Associates today.