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Business Succession Planning
Do you own a business, or are you currently running a family-owned business? If so, what happens if you die? It’s a very frank question, but there is always that possibility. Nobody likes to talk about such things, but you should be planning for your succession.
Furthermore, eventually you’ll decide to retire. You should be planning for that eventuality as well. You want your business to pass into the right hands, and you want a smooth transition. At FULMER | MAY | STUCKEY Birmingham AL attorneys, our lawyers are experts in estate planning, business succession planning and all areas of the law. We’ll work with you to draw up a succession plan that is above board and legal, while minimizing tax risks.
Business Succession and Tax
Tax is one area you need to consider when planning the succession of your business. Tax on the transition of a business can be quite heavy. Fortunately, our Birmingham lawyers are experts in the legal side of business and estate planning.
Succession planning for your business is about ensuring you have the peace of mind that your assets are going to be passed to the people you want them to. We’ll draw up a succession plan that covers all areas of the law, and helps you with tax planning as well.
Have you considered who your business will pass to? If not, get in touch with one of our business and tax lawyers today. We’ll be happy to help you make the right decision.
Who To Pass Your Business To
If your business is a family firm, you’ll have some idea of a succession plan in the back of your mind. Usually, it passes to a family member – maybe a child of the owner. If you have more than one child though, you may want to create a trust where they all get a share. At FULMER | MAY | STUCKEY we have a team of lawyers who can help you do this. We’re experts on business planning, estate planning and transition of business assets. Get in touch with us now if you want to be sure you have the law covered.
Our legal services can also help with business succession if you’re not making a transition to a family member. You could decide to put the business up for sale, whether to an outside buyer or a management buy-out. We can help with all aspects of the law in this respect, while keeping the IRS happy by making sure your tax situation is handled.
Succession to Employees
One other option is to make sure the succession of the business goes to the collective employees. This would require an Employee Stock Ownership Plan (ESOP), and one of our lawyers will provide their services to help you draw up an ESOP succession plan that meets Alabama law requirements.
There are many legal aspects involved in business planning for the future that you may not have even thought of. However, it’s important that you start looking at them now – particularly in the area of tax – to ensure a smooth transition in the future. Avoid legal hold-ups when the time comes by scheduling your free initial consultation today.
Other Services We Provide
As Birmingham, Alabama attorneys, FULMER | MAY | STUCKEY have an expert team who can help you in all areas of the law, including estate planning, business planning and tax solutions. Our lawyers are experts who can provide you with professional, friendly and discreet help at all times. We can handle everything from business succession plans to litigation services.
If you have any questions regarding planning, tax or any areas of business law, send us an email or give us a call. One of our team members will be more than happy to discuss the situation with you and arrange a consultation.