Business succession planning is a crucial investment for the longevity of any business. At Garrity Traina, our team of seasoned attorneys specializes in creating customized plans that ensure the smooth transition of your business, even after retirement or changes in leadership. By implementing a solid succession plan, you demonstrate your unwavering commitment to the long-term growth, continuity, and stability of your business.
Tailored Solutions for Family Businesses
When it comes to family businesses, succession planning requires cutting-edge legal and tax strategies. Our attorneys possess the expertise to navigate the complexities of intra-family dynamics, ongoing business capital adequacy, and state-of-the-art legal and tax planning techniques. We understand the unique challenges that family businesses face, and we strive to develop comprehensive solutions tailored to your specific needs.
The Multi-Step Process: Crafting Your Succession Plan
Our first step is to listen and understand your objectives for the continuation of your business. Whether you envision a sale or prefer to keep the business within the family, we work closely with you to develop a customized business succession plan. Our attorneys thoroughly assess your business arrangements, including ownership, corporate structures, and the valuation of applicable business interests. We collaborate with valuation consultants and explore financing options to facilitate a seamless transition.
Navigating Tax Implications
Tax considerations are a crucial aspect of any business succession plan. Our experienced team conducts a thorough evaluation of the tax implications for your business entity, as well as the sellers and purchasers of business ownership interests. The tax landscape varies depending on factors such as the tax status of your corporation, limited liability company, or partnership as a C corporation, S corporation, or partnership for income tax purposes. Rest assured, we will guide you through this intricate process to ensure compliance and optimize tax benefits.
Comprehensive Support: Beyond Succession Planning
Our services go beyond creating a plan. We review existing insurance policies, collaborate with insurance advisors, and explore financing options for the purchase of ownership interests. In addition, we conduct a meticulous review of owners’ wills and trusts and provide guidance on modifying or implementing buy-sell agreements, compensation procedures, and employee incentive plans tailored to your business’s specific needs. We make certain that no stone is left unturned in safeguarding the interests of both you and your business.
Family-Owned Businesses: Crafting Estate Plans for Smooth Transitions
In the case of family-owned businesses, our attorneys work closely with you to create estate plans that ensure a seamless transfer of business ownership and control to deserving family members who have demonstrated their management capabilities. We engage in comprehensive discussions about asset allocations to ensure fair distribution among family members. Our expertise lies in crafting trusts, limited liability companies, and family limited partnerships that restrict the transfer of ownership interests to intended individuals and minimize estate and gift taxation.
Our Array of Services
Over the years, we have successfully assisted numerous family business owners with a wide range of business succession plans. Our services include:
- Formation of family trusts, limited liability companies, and family limited partnerships to consolidate asset ownership, manage real estate investments and other assets, and minimize estate and gift taxation while ensuring a smooth transition of ownership interests.
- Negotiation and preparation of purchase agreements for the transfer of ownership interests to specific shareholders, company managers, or third parties in the event of death or retirement of other shareholders.
- Structuring high net worth family business transfers to the next generation using gifts and sales to intentionally defective grantor trusts.
- Coordinating the transfer of life insurance policies to irrevocable trusts to minimize estate taxation, financing business ownership purchases, and aligning with the applicable buy-sell agreement through well-drafted trust agreements.
- Facilitating intra-family loans, seller-provided financing, self-canceling installment notes, and sales to intentionally defective grantor trusts as financing mechanisms for the purchase of interests in companies, with meticulous planning to minimize income tax and estate and gift tax implications.
Your Trusted Partners in Succession Planning
At Garrity Traina, we pride ourselves on being more than just legal advisors. Our experienced attorneys assume the critical role of regularly reviewing and updating your succession plan as circumstances change. With our comprehensive understanding of income taxation, contract law, estate planning, transfer taxation, corporate governance, debtor and creditor law, asset protection, employment law, and dispute resolution, we are well-equipped to provide holistic advice in all areas of law that impact business succession planning.
When it comes to securing the future of your business, trust Garrity Traina to guide you every step of the way. Reach out to us today at Garrity Traina to schedule a consultation. Your business deserves the best.