Looking to the Future: Estate Planning for Businesses
Many business owners have worked a lifetime to build a successful business. But what happens to the business when the owner retires, passes away or stops playing an active role in the company?
The corporate estate planning attorneys of Vinsko & Associates, PC, provide comprehensive corporate estate planning services. Also called business succession planning, this proactive approach helps clients identify and achieve their goals for themselves and for the business.
Time for a Change
One recent case involved a 75-year-old gentleman who owned a chain of local businesses. Our client built the business from the ground up and owned 100 percent of the stock. However, he no longer controlled the operation of the business. If something were to happen to him, however, banks would be unlikely to lend to the business. We brought in other stock holders to enhance financing options. We also took steps to eliminate the tax liability for heirs at the time of the business owner's death.
We also represented a 68-year-old business owner with a heart problem. He was concerned about what would happen to his business if something were to happen to him. While he had children, none of them were involved in the company. We developed a succession plan for the business, by brining in key employees and establishing a board of directors. We also established an insurance trust for our client's children. This allowed him to pass on his assets to his children without placing the business in jeopardy.
Any Time is a Good Time for Business Estate Planning
Perhaps the best time to consider how you will ultimately wish to leave a business is when you are forming the business. However, we are available to help clients consider the issues involved in business succession planning at any time.
If you need legal advice regarding corporate estate planning from an experienced and respected attorney in the Wilkes-Barre and Scranton, Pennsylvania area, please contact Vinsko & Associates. Our lawyers are available when you need a trusted hand.
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