Business Succession Planning in Long Island, NY
When you own a business, it is important to plan for the future and how to address turning your business over when you are ready to retire. These are quite personal matters, and in many cases, family is involved. Family business succession is an important matter, and all the proper documentation should be in place so that the transition is smooth from a legal and taxation viewpoint. At The Law Office of Michael J. Brescia, P.C., a Long Island estate planning lawyer can assist you in determining your best course of action in arranging for business succession. This could include matters such as a sale of the business or a buy-sell agreement that provides for succession in the event of your death, at retirement or if you have become disabled. Some buy-sell agreements will be written to provide for the event of a future divorce, which would trigger the implementation of the agreement.
Business Attorney in Long Island, New York
There are other more sophisticated types of arrangements that can be constructed for business owners who are concerned with succession. This could include Grantor Retained Annuity Trusts (GRAT) or other individuals may be interested in a Grantor Retained Unitrust (GRUT). These trusts are carefully constructed to move your ownership in the company into the trust over time, while you receive ongoing income from the business. Each must be drafted specifically for the individual business owner in order to achieve their personal goals.
In other cases, the owner(s) may wish to sell their business outright, but could be interested in retaining an income stream from the company and get paid over time. Each business owner has specific needs and desires about the succession of their company, as well as financial needs and obligations they need to meet. Business partners, family business partners and other factors are all part of resolving the matter to your satisfaction. We strive to provide the highest quality service to our clients and have extensive experience in resolving business succession financial and estate considerations.