As estate planning attorneys, we understand the importance of ensuring that your personal assets, as well as your business assets, are properly planned for in the event of a change in ownership. Ownership changes can occur as a result of death, retirement, or a disability. Our attorneys work closely with all of our business clients to assist them with estate planning related to their business interests while paying special attention to the following issues:
Valuation of the Business
One key aspect of estate planning related to a small business is knowing the value of the business. A current business valuation allows our attorneys to properly plan for inheritance tax liability and is necessary to ensure that we are creating a comprehensive estate plan whenever a business is involved.
Even if a business is entirely family-owned, there still may be one or more joint owners that are not family members. Planning for a change in ownership, while considering retention of key employees, is extremely crucial for any transition plan.
Utilizing a Trust
In certain circumstances, it may be beneficial to transfer the ownership of your business into a trust. A trust can provide you with many advantages including the ability to maintain more control over your business’ future operations while also avoiding probate.
At Zacharia Brown, our attorneys employ a comprehensive approach to both business succession planning and personal estate planning. Our extensive background and experience allow us to assist our business clients with all facets of estate planning. Our planning will include a thorough examination and review of the current and future state of an owner’s business objectives in order to create a plan that will ensure consistency between a client’s business succession and estate planning goals.