You have spent years building your business and deserve the peace of mind knowing it will be protected once you are gone. Turning over your company to the next generation or selling it to an outside interest may be overwhelming for you. Our team at Grewal Law PLLC is ready to help you with all your business succession planning today.
We are here to begin the planning process with you to find out what your needs and desires are related to the future of the business. Our team will help you draft a plan that makes you feel comfortable and will handle all the paperwork as it progresses through the court system.
Then we will be by your side throughout the legal process to ensure the succession plan runs smoothly when the transition takes place.
Contact the Michigan estate planning attorneys at Grewal Law PLLC for your no obligation quote at (888) 211-5798.
Answering Questions Related to Business Succession in Michigan
When deciding how you want your business succession to work the first thing you must determine is who you want to have the business once you are gone. For instance, do you plan to have the ownership transferred to someone else?
Will you be passing it on to the next generation of your family? In addition to these questions, you will need to decide how the transition will take place. Are you planning to hand over the business during your lifetime in order to enjoy retirement or would you prefer to wait until after you pass away? We will take your input to create your business succession plan.
Our legal counsel will help you evaluate the different options available to you. We will go over the potential tax ramifications of each decision and will help you weigh the best choice for you. Depending on how the transfer takes place the value of the business could be taxed at high rates over 40 percent, so making a smart choice is important. Your estate planning lawyer at Grewal Law PLLC will help you examine gift options available to eliminate these potentially devastating tax rates.
Depending on your needs, we will help you decide if it is in your best interest to simply have a will drafted or if a trust needs to be created to protect the business. Since a will simply outlines who will be a beneficiary to your assets after you pass away. Sometimes it may not be the best option with business succession.
In contrast, trust is a legal arrangement that allows your assets to be passed along to specified beneficiaries. There are different types of trusts designed to meet each person’s individual needs. The estate planning lawyers at our firm can help you learn about the various types of trusts in order to set up the best one for you and your business.
From gifting the business to selling it outright, there are lots of decisions to be made regarding a transfer. Important factors to consider may be whether or not some of your children are already involved in the business versus others who may not have any involvement. You may want to provide children who are not interested in the business with some sort of financial payout as compared to an actual stake in the business. We can help you with these important business succession decisions.
Protecting Your Future
In addition to making decisions for the future of the business, you should make plans to protect your future. While you may be focused on how the business will look once you are no longer a part of it, you should also make plans to meet your financial needs. It is important to make sure you have the funds you need to support your retirement plans from traveling to spending time with family.
We will help you explore all of the options available to you from setting up an installment sale to creating family limited partnerships. It may be important for you to see your loved ones take over the business while you are still alive, so our estate planning team will help you understand how these options will impact business operations and your retirement.
Let Us Help You Make a Business Succession Plan
Do not leave the fate of your business up to the court system. Creating a business succession plan can make the entire transition run smoothly. From helping avoid family disputes or hefty estate taxes, business succession plans are important. You have worked hard to build a company and deserve the peace of mind that the future of the business is protected.
Contact Grewal Law PLLC to provide you with a free no-obligation quote by calling (888) 211-5798.