Serving Southeast Michigan For Over 30 Years.

Business Succession Planning

O'Reilly Rancilio’s Michigan estate planning attorneys 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 are:


Press Room

Jul
8
O’Reilly Rancilio attorney Clark Andrews received the State Bar of Michigan “Unsung Hero Award” for more than four decades of legal, volunteer, and pro bono wo… Read More
Jun
17
John Nitz, a founding member of O’Reilly Rancilio P.C. and a lifelong Macomb County resident, was recently named to the Michigan Lawyers Weekly Hall of Fame Class… Read More
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Blog

Jul
10
In Michigan, private employment is considered “at-will,” meaning the job may be terminated at any time for any reason by either the worker or the employer. There… Read More
Jul
8
Last month, the U.S. Small Business Administration (SBA) reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants… Read More
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