Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, October 6, 2016

Preparing the Family Business for Succession

Succession planAfter putting time and effort into growing a business, many fail to adequately prepare for the transition of their legacy. Starting the planning process early can help garner a successful transition of the business while achieving the owner’s objectives. Both estate and tax planning are essential to help with a tax-efficient transition in ownership. To help facilitate a smooth transition, there should be open communication amongst family members and key employees. Even with all of this planning, you should prepare for the unexpected and have a contingency plan. All family business owners should devote the appropriate time and resources to making sure a succession plan is successful.  

See R. Scott Beach, Preparing a Family Business for Transition, Wealth Management, February 22, 2016. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

 

http://lawprofessors.typepad.com/trusts_estates_prof/2016/10/preparing-the-family-business-for-succession.html

Estate Planning - Generally, Estate Tax | Permalink

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