An estate planning attorney in New Jersey has to be able to offer you the right legal advice to deal with a wide range of matters and deliver a plan that is uniquely suited to your estate. For some people, this means ensuring that there is a succession plan in place for a family business to keep the legacy thriving for many years to come.
Why is Succession Planning Important for Family Businesses?
A death in a family is always a difficult time, but when a business and the livelihood of family members are also at stake, it can become overwhelming. Having a succession plan in place that is well-thought out, customized to your business and family needs, and understood by everyone involved is the best way of ensuring a smooth transition. It will reduce confusion and conflict as well as help your business stay on its feet through a difficult time.
Ownership, Management and Taxes
These are the three foundations of your succession plan. In terms of management and ownership, the two are not necessarily the same. For some people, they want to pass sole ownership to the person who will manage the business, while others want each child to have an equal share of the ownership while only one manages the business. It’s up to you to tailor this part of the succession plan, as you can dictate exactly how the business ownership and management will be split. The level of input from other family members and so on is also up to you.
The taxes component focuses on minimizing taxation upon death, and there are different asset transfer and share strategies that can help achieve this. Some people also choose to change the structure of their business from a sole proprietorship or partnership to a corporation to make sure that operations continue as normal through the succession period.
Keep Your Legacy Alive – Business Succession Strategies from Your Estate Planning Attorney in NJ
At Sedita, Campisano and Campisano in New Jersey, estate planning attorney Frank Campisano is ready to assist you with all your estate planning needs – whether you need to make a business succession plan, Last Will and Testament, Power of Attorney, a Living trust or to minimize inheritance tax on your estate.
Contact us today and let us deliver expert estate planning advice to take care of all your wishes – whether your business is big or small. For more information, please visit our website at https://www.scclegal.com/