You've worked hard to develop and grow your business and to invest and amass your estate. But have you taken the steps necessary to assure that your business will continue to be appropriately managed if you are no longer capable of doing so? Have you planned for the transfer of management duties whether temporarily during incapacity or permanently to allow for your retirement? Early planning for the succession of your business will avoid confusion and stress in the event that you are incapacitated. Additionally, proper planning can ensure that your wishes with respect to your business are respected, whether that be in the hands of the next generation, trusted employees, or third-party sale. Proper advanced planning can help minimize estate taxes and avoid probate court costs and delays.
Business succession planning is not one-sized-fits-all. It can involve all or some of the following planning tools:
Contact a Santa Clarita business lawyer at Poole Shaffery for further information.