Business Succession Planning

If you have developed and managed a successful business, chances are you want to assure its continued success, even when you can no longer manage the enterprise. Planning for business succession is a crucial aspect of any business owner's management strategy.

Consider The Important Questions

If your organization is family-owned, who will take responsibility for it? If ownership leaves your family, how can you be sure your loved ones still enjoy the benefits of what you have built? How can you minimize the adversarial nature of these issues and promote family harmony?

Benefits Of A Family Limited Partnership

Organizing your business around its family-owned status can help limit gift tax liabilities and more easily pass along business ownership from generation to generation. In ordinary business succession plans, various gift taxes may come into play when passing ownership between generations.

Using a family limited partnership can help reduce these obstacles and more effectively compensate family members who are invested in the business and distinguish them from those who are not.

With extensive experience as a small business and tax law attorney, I bring acute understanding of financial issues and business valuation to the table when working with my clients in estate planning issues.

My law firm, Jeffrey P. White and Associates, P.C., handles cases for clients throughout Lewiston-Auburn, Portland and surrounding areas of Maine, helping people do more than take legal action. I help them understand the foundation of different legal strategies, so their decisions reflect the unique nature of their business and their asset protection needs.

To work with a lawyer who will directly answer your questions and provide you with experienced counsel, contact my law office. I offer free initial consultations in estate planning issues and can be reached by email or by telephone at 207-536-6224 to schedule an appointment.