Business Succession Planning

Many of our clients own a family business, which may be the client’s single most valuable asset. Planning for the succession of the business at the client’s retirement, disability or death is a critical component of the estate planning process. The goals of a typical business succession plan are to ensure the continued operation of the business and to maintain the financial security of the client and the client’s family. The planning process includes developing strategies for transferring ownership in a tax-efficient manner, addressing competing interests between employee family members and non-employee family members, considering unrelated key employees, and, most importantly, preserving family relationships.

Techniques that are frequently used include:

  • Buy-Sell Agreements
  • Intentionally Defective Grantor Trusts
  • Grantor Retained Annuity Trusts
  • Irrevocable Life Insurance Trusts