When you have built a business, you want the company you created to last long beyond your years. Leaving a successful company behind can be an amazing legacy not only to leave to your family members, but also to leave to the world. A DC business planning lawyer will help you to think ahead for the future and create a plan for succession so your company can survive and prosper over the generations. To learn more about the benefits of business planning consult with a trusts and estates attorney today.
Role of an Attorney
Estate planning as a business owner can become very complicated. A DC business planning lawyer can provide someone with advice on different business entities that could allow them to ensure the succession of their company, while possibly minimizing exposure to creditors.
People also want to ensure operations are able to continue and ownership is able to transfer seamlessly upon their retirement, disability, or death. Whether the business is to be sold, their partners are to buy their interest, or their business is to transition to their children or other heirs, individuals need to make their wishes clear and ensure the process goes smoothly. A DC business planning lawyer can provide assistance with developing a strategic plan to allow someone’s company to transition to its new owners without the fighting or confusion that could undermine the company’s value.
Finally, businesses are often worth a significant amount of money. Someone’s company’s value can sometimes push the worth of their entire estate above the amount that triggers the death tax. If someone wants to shield their heirs from losing a large portion of their inheritance to the government, they need to talk with a lawyer in DC with experience in creating a business plan as part of an estate plan.
A number of legal tools can be used in the DC area to protect the value of someone’s company in case of their death or disability. Incorporating or forming an LLC, establishing a trust, creating a buy-sell agreement, and using different types of joint ownership are just some of the many options to consider when ensuring for the succession of their business.
Individuals need someone with experience to help them explore all options and this process should start early. Someone can speak with a business planning lawyer from the day their company begins operations to plan ahead for the future. If they have an established and valuable business, their lawyer will also help them to move forward with helping them protect what they have created through the development of a detailed succession plan.
Working with a Business Planning Lawyer
You built your company – now take the necessary steps to protect it. Contact a DC business planning lawyer today to get started on creating an estate plan that takes your business interests into account and leaves you with some piece of mind that the future of your loved ones will be taken care of.