Looking ahead into the future is important for individual estate planning purposes but you can also benefit from planning ahead for your business. Your personal estate should certainly be documented in strategies and in documents aligned with your individual needs. But your business also needs a plan too. Estate planning benefits businesses in five distinct ways:

An experienced business succession planning attorney in Pasadena can help you if you find yourself in need of identifying what will happen to the business in the future and how to properly mitigate risks in the present. The five major reasons why a business owner should set up a consultation with an experienced succession planning attorney and walk through the proper planning includes:

  •   Ensuring the business’s longevity.
  •   Minimizing tax obligations for you when you sell or exit the business.
  •   Using a buy/sell agreement to articulate how the business will transfer on to others in the future.
  •   It allows your business to look forward to future and determine how to avoid probate and give you control over the business long after you are no longer a part of it, if you wish.
  •   It generates a succession plan that includes development and training of successors, the delegation of responsibility and authority to successors, and how any outsider directors may be used to bring objectivity in the transition phase of a business.

An experienced attorney is an important component of developing such a succession.

 

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