Business Succession Planning Attorney
Plan for Your Company’s Future
Succession planning is essential for every business owner, and is critical to protect your business from possible unforseen life changes. Business owners should plan for multiple eventualities. They commonly include the retirement, death or potential incapacitation of one of the owner or partners. Without proper advance succession planning, any of these events can leave the business and the owners’ wealth vulnerable.
Mackay, Caswell & Callahan, P. C., is a business and tax law firm that has been protecting business owners and their families for more than 50 years. We can assist you with business succession planning as part of a comprehensive estate plan and your overall business plan. Please contact us online or call our office toll free at 844-MCC-4TAX to arrange an appointment with a New York/Connecticut family business planning lawyer.
Experienced Succession Planning, Business and Tax Law Counsel
In many cases, owners of family businesses choose to create a succession plan. One of the primary considerations is how the company will be restructured. We can discuss the risks and benefits of options such as redistributing voting shares and determining who will control the company. Additional options may include creating a family business trust, family limited partnership or LLC.
This process will require an accurate business valuation. With our extensive business law experience, we can provide a valuation of your business. Then we can discuss the dilution of valuation to the successors.
A business succession plan should be structured over several years, so the business owner can take advantage of the gift tax annual exclusion and unified tax credit. These tax credits can significantly reduce the taxes owed on business assets, stocks and other investments.
Our attorneys can integrate your business succession plan with your estate plan to maximize the tax credits you can receive.
Whether you are transferring control of a business to the next generation, or are planning for the sale or dissolution of the business, Mackay, Caswell & Callahan can provide you with knowledgeable, effective tax law and business planning counsel.