Family Business Planning
If You Own a Family Business, Protecting It Will Be an Important Aspect of the Estate Planning Process
For business owners, succession planning is an important part of the overall estate planning process. Not only do you want to be sure that the right person takes over control of the business, but it is also imperative that you provide him or her with the information and resources needed to effectuate a seamless transition.
Attorney Jim Singler has extensive experience working with business owners to craft custom-tailored estate plans and business succession plans. Jim is licensed in Ohio and Kentucky, and he has been named a “Five Star Wealth Manager” by Cincinnati Magazine five times, along with various other awards and forms of recognition. Jim relies on his experience to identify potential issues and offers his clients solutions that provide critical certainty when they pass on their businesses to future generations.
Business Succession Planning in Ohio and Kentucky
Business succession planning involves a variety of legal, financial and practical considerations. In order to transfer ownership and control of your business as efficiently and cost-effectively as possible, it is necessary to address each of these considerations in light of your unique family dynamics and circumstances. Jim can help you make informed and strategic decisions about issues such as:
- When to transfer ownership of the business (i.e. at some point during your lifetime or after death)
- When to transfer control of the business
- Whether to sell your interest to a partner or transfer it to a family member or other beneficiary
- How to leave behind instructions for accessing accounts, IT systems and other information without risking disclosure during your lifetime
- How to value the business and ensure a fair overall distribution of assets among children or other beneficiaries
- How to mitigate or avoid tax liability at the time of transfer
Jim has experience working with sole proprietors, partners, corporate shareholders and members of limited liability companies (LLCs), and he is intimately knowledgeable about the legal and tax implications of dealing with various different types of business structures. He also has experience representing business owners at all stages of the business lifecycle, from helping clients protect startups with significant growth potential to transitioning established family businesses to those who are next in line.
When it comes to transferring ownership and control of a family business, there are a variety of different tools and strategies available. These range from establishing and modifying new business entities to placing ownership interests of existing entities into revocable living trusts. In many cases, business succession planning will involve asset protection considerations as well, and Jim works with his clients to ensure that they maintain maximum flexibility and control during their lifetimes while also achieving their long-term estate planning goals.
Contact Singler Law for More Information
If you would like more information about our family business planning services, please contact us to schedule a confidential initial consultation. To request an appointment with attorney Jim Singler, call 513-486-0000 or inquire online today.