Secure Your Businesses’s Future
Is your family business one of your main assets? For many of our clients, their family business is the most valuable asset.
We understand that for many families the family business is the main asset and that there maybe obstacles related to the transfer of the business whether to the next generation, a key employee or as a sale to a third party. We can guide you towards making the right decisions through the proper conversations.
Questions for you to consider:
- What will happen to your family business if you become incapacitated or die?
- What will happen to those that currently benefit from the business?
- Are your children involved in the business?
- Is there a key employee that you would see the business to?
- Do you have partners in the business?
- What happens if your partner becomes incapacitated or dies?
Special Tax Considerations
The value of your business may continue to grow between the time you plan your estate and when you pass away. Due to this, it may be advisable to implement advanced planning such as a freezing technique that will allow for the value of your business to appreciate outside the value of your estate to minimize the impact of estate taxes.
Leaving Your Business To Co-owners
Does your business have one or more co-owners? If so, what will happen to your business when you are gone? Establishing an agreement can ensure that upon the death of any owner, their interest is automatically purchased by any additional owners providing cash for your loved ones. Do you want to be in business with your partner’s spouse or children? This is where buy-sell agreements come into play.
The Importance Of Buy-Sell Agreements
Entrepreneurs are known to build commendable companies with creativeness, supreme focus on achieving goals and dedication. An Agreement with Partners and family members can provide a plan and structure in case of incapacitation or death.
We will help you determine the most efficacious business structure to minimize liability exposure and solve income, estate and asset protection issues.
What Are Buy-Sell Agreements?
A buy–sell agreement, also known as a buyout agreement, is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business.
Although the present is most important, you must be prepared for the future. Contact Us Today so we we can help you prepare for a protected tomorrow. Ana M. Veliz at Ana M. Veliz, PA can provide solutions to all your inquires.
Exit Strategies: Much like the thought given during the birth and growth of a new business, business owners must also consider exit strategies in life and at death. Attentive consideration of all the many options and their potential impact on estate and succession planning will act as the glue to keep all the various pieces integrated and working together.
We will work with you to make sure your business succession plan objectives are met.
