The estate planning and probate lawyers of our Michigan firm help families plan for the transfer of closely held businesses from one generation to the next. Business succession planning is a complex process that requires knowledgeable representation to accomplish a smooth transition and avoid unnecessary probate and taxes.
In the appropriate family business situation, our attorneys create a family limited partnership (FLP) or a family limited liability company (FLLC) to insulate business assets from the probate process and avoid or minimize federal estate taxes. Creation of these entities, supported by well-drafted estate planning documents, such as wills and irrevocable trusts, often assist in the successful transfer of business owners' interests to their heirs.
You may be years away from the transferring of your business to the next generation. Advance planning provides you with more options and flexibility, resulting in a greater likelihood of your business's continued prosperity and the preservation of your legacy. Various means may be used to accomplish these objectives, including planned gifting of personal assets and the use of powers of attorney to enable your spouse or adult children, or a trusted third party to assume responsibility for operating your business in the event of your physical or mental incapacity.
Our business succession planning attorneys include: