Business Succession Planning

To ensure your business will be preserved as you want it to be, adequate planning can is needed.  This is where Paulsen & Reissner, PLLC  specialize!

(Business Planning FAQ)

If you own a business, large or small, it is important to have legal experts assist with the business plan or when you pass away.  Do you plan on keeping the business and passing it down to family, or do you want the business sold and the proceeds to go to a specific are or person(s)?  Regardless what your decision is, if you don't have a business succession plan in place, things could get very messy and confusing for not only your family, but also any employee you may have.  You may think that because you just have a small company with 10 or less employees your business will just automatically be passed along to your family, but that is not the case. 

When you pass away, your business DOES GO THROUGH PROBATE!  

All assets, including business assets, generally must go through probate unless the assets were assigned beneficiaries. This is another one of those tricky subjects best left to the legal experts so your family is not only grieving the loss of you, but also having to deal with the potential loss of the business.

 

Tax considerations

Understand the value of your business will continue to grow between the time you plan your estate and by the time you die.  The taxable estate will include the value as of your date of death.  Call us and ask us about this! 623.428.1923

 

Can You just "WILL" a business to someone or a co-owner?

Yes, there are documents an attorney can draw up such as a buy-sell agreement; e can discuss this in more detail when you schedule n appointment with us.

 

 

Succession Plan Creation

A lot goes into a business succession plan, and it is wise to have an experienced attorney prepare it; the money will be well spent, and save you money in the end because the plan was prepared properly and complete.

Just a few things that go into this plan are systematic transfer of the management team, who's going to get ownership of the business, employee issues, money, taxes, debts and a lot more.  Trust us, and let us do your business succession plan for you.  A few dollars spent now on having a professional business succession plan could save potentially thousands of dollars, tears and headaches later.

623.428.1923

 

While you are consulting with us about your business succession plan, let's discuss your overall estate planning.  Keeping your estate plan up to date is just as important as creating it.

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