New City Business Exit Planning Lawyers
Family business interests are included in your estate for federal estate tax purposes. They are often difficult to value and highly taxed and, therefore, can cause serious liquidity problems upon the owner's death. However, an experienced attorney can explain your options and advise you on how to take advantage of options such as the gift tax annual exclusion and unified tax credit.
Owners of family businesses often choose to create a business succession plan to avoid tax problems. Kantrowitz, Goldhamer & Graifman, P.C., can help you keep the business in the family, leave it to a group of employees or co-founders, or create an exit strategy. To arrange a consultation with our Rockland County business succession planning lawyers, please call 800-660-7843 or contact us online.
Options for Passing on Your Business
We can advise you on leveraging techniques to reduce the tax burden upon transfers of control of family businesses to younger generations, including:
- Gifts of minority interests
- Family limited partnerships
When these estate planning tools are properly used, family businesses can be transferred to younger generations with a minimum of estate and gift tax consequences.
Provisions for effective transitions in the management and control of a closely-held business are extremely important. We can help you address business succession issues with documents such as buy-sell agreements (typically funded with life insurance), shareholder agreements (sometimes providing for post-death redemptions by the corporation) and voting trusts.
While some people want to leave the family business as a gift to their children, others want them to earn it or have the assets carefully managed for them. Receiving a substantial sum of money at too young an age can have serious negative consequences. Effective estate planning can involve making provisions intended to avoid the problems of inheriting too much, too young.
Please call us in New York or New Jersey at 800-660-7843 to schedule an appointment with our attorneys. Messages left after business hours are returned promptly.
