If you have built your own business or are an investor in a company, your organization is part of the backbone of the American economy. Your business is also an important testament to your life’s work. As you get older, it is important to begin considering what will happen to your company when you retire, if you become disabled, or upon your death. A Virginia business planning lawyer can provide you with legal advice.
To take the first steps call and schedule a consultation with a Virginia trusts and estates lawyer today.
What Can a Virginia Business Planning Lawyer Do to Help?
When you begin to think of the future of your business without you, you will need to develop a business succession plan. Do you want to sell the business and leave money to your heirs? Do you plan to allow a loved one to inherit and take over the company? Are you selling to partners or to strangers?
Each different scenario creates different legal issues, and must be coordinated with your overall estate plan. If you are leaving the business to your loved ones, you need to consider how best to transfer it and whether it will trigger estate taxes by pushing the inheritance above the limit of estates exempt from the death tax. If you are selling your business to a third-party, you need to determine how it should be valued and how the transaction should be structured.
A Virginia business planning lawyer can provide assistance handling these legal questions and more. Your attorney will help ensure you use the available legal tools to create a seamless plan for your company to transfer. Your attorney can also help to limit taxation when your business changes hands.
Virginia Laws on Business Planning
There are different legal tools used to minimize your estate’s exposure to taxation, and to efficiently transfer money and property. Many of these legal tools may be used if you hope to protect a business organization you have created.
For example, do you have a plan in place to keep the business operating if you become ill or pass away? Is there a defined way to pass on the business after you have passed?
The law or the terms of your business agreement may also limit your rights. If you have a partnership in place, you may have an agreement that affects your ability to include your ownership interest in the company as part of an inheritance, or requires your estate to make capital contributions to support the business.
Business succession planning requires an understanding of different areas of law, including business law as well as trusts and estate laws. In most cases, your plan will need to go beyond the creation of a simple will. A lawyer who handles business succession cases can help you create a comprehensive estate plan that includes the assistance you need to ensure your business is in good hands after you pass away.
Contact a Virginia Business Planning Lawyer
A Virginia business planning lawyer is here to help with every step of your estate plan, both for your company and your personal assets. Call today to speak with an attorney to learn more.