Business Succession

Business Succession

Attorneys that Practice in this Area:

At Fine & Hatfield, we have been representing business clients for over 100 years. Small to medium sized businesses are the life-blood of our economy and often represent the large majority of asset values owned by our clients upon their deaths. When the valuable business asset is included in a taxable estate, often families with no plan in place are found to have a significant death tax and no liquidity to pay it. This can certainly happen with any variety of small business, including farming operations. It is our job to help you protect your hard-earned business value both during your lifetime and after you are gone for the benefit of your heirs. It is therefore essential to work with our clients to implement a succession strategy. Most experts agree that more than two-thirds of closely held family owned businesses failed in the second generation. That does not have to happen, and with expert legal advice the appropriate business succession plan could mean the difference for your business and your family.

Business Succession Services include:

  • Buy-Sell Agreements and Cross-Purchase Agreements
  • Planning with Life Insurance
  • Use of LLCs and LLPs incorporated into gifting plans
  • Split-Dollar Life Insurance
  • Business Reorganization
  • Using Complex Trusts incorporated into transition planning
  • Equalization planning to treat non-business family members fairly