When creating an estate plan, business owners have a number of unique concerns to consider. In many cases, your business serves not only as your livelihood but the livelihood of your family as well. It is important, therefore, that you create a solid plan that ensures your business’s continued operation in the event that you retire, are incapacitated, or die. Naming a successor who can take over your company is a major aspect of this, but it is just one element of a business estate plan.
DiPietro Law Group, PLLC can help you plan for the future of your business. Whether you need to name a successor, want to ensure that your business continues to provide for your family after you are gone, or are interested in tax reduction strategies, we can help. Our Fairfax business succession lawyers have assisted clients throughout Northern Virginia with all types of complex business estate planning matters.
Find out more when you call our Fairfax office or contact us online. We invite you to schedule your initial consultation with our team today.
How We Help
There are many elements to running a successful business—and just as many elements to creating a sound business estate plan. At DiPietro Law Group, PLLC, we can help you structure your business as part of your estate so that it can continue to provide for and benefit your loved ones. We can also help you set up a plan that establishes who will run your business when you retire or if you become ill or incapacitated. Whether you own a business outright or you are a co-owner, our team can help you understand your options and create a plan for the future.
Our Fairfax business succession attorneys can help you with the following:
- Selecting a business successor
- Working to reduce tax liabilities
- Covering the costs of exiting the business via life insurance (if needed)
- Creating, clarifying, and refining buy-sell agreements between co-owners/partners
- Arranging ownership and business operation in the event that you are incapacitated
- Dividing business ownership between multiple heirs
This list is not exhaustive. No matter your needs, our team is here to help. We understand that every situation is unique, which is why we proudly offer personalized estate planning services for business owners throughout the area.
Protecting Your Business as an Asset
If you are a business owner, your company is likely your largest asset. You want to make sure this asset is protected, as this allows you to rest at ease knowing your family and loved ones will continue to be cared for after you are gone.
There are several ways to protect your business as an asset, including:
- Placing your business in a living trust
- Creating a buy-sell agreement
- Transferring your business to a grantor retained annuity trust
- Transferring your business to a grantor retained unitrust
- Transferring your business to a grantor retained income trust
Each of these options offers specific benefits. They also have various drawbacks that may make one choice better for you than another. Our Fairfax business succession lawyers can help you understand your options and determine the right option for your unique situation.
Choosing a Successor for Your Business
As previously mentioned, naming a successor is a crucial aspect of business estate planning. This is an incredibly important task, as the person you select will essentially control the future of your business. It is always wise to plan ahead when choosing a business successor. Waiting until a crisis occurs can result in making a snap decision that may not be the best one. You will also want to keep in mind any challenges or potential obstacles your business might face in the future. This will depend greatly on the industry you are in, as well as the specifics of your particular company. It is also important that your co-owners, partners, and/or board of directors are all on the same page regarding your successor. Lastly, and perhaps most obviously, this should not be a political or emotional decision. You will want to choose someone who you trust to continue driving your business toward success.
Schedule a Consultation with Our Firm Today
There are many things to consider when choosing a successor for your business. Additionally, there are many elements involved in creating a solid plan for the future of your company. It is highly recommended that you seek an experienced estate planning attorney in Fairfax who can help you navigate these and other important issues.
DiPietro Law Group, PLLC can help you understand all of your legal options and help you create a plan that is most suited to your particular goals. We understand the complexities involved in business estate planning and are here to serve as your trusted guide throughout the process.
Get in touch with us today to request your consultation.