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

Jan
20
O’Reilly Rancilio attorney Brian Grant will host “Estate Planning Mistakes and How to Avoid Them” on March 16, 2022, at 10 a.m. at the Sterling Heights Senior… Read More
Jan
3
Hayley Tomich, of Grosse Pointe Park, recently joined the O’Reilly Rancilio legal team as an associate. She joins the firm’s business law, litigation and dispute… Read More
Read More From Our Press Room

Blog

Jan
18
The Michigan Supreme Court’s changes to case evaluations, which went into effect on Jan. 1, allow litigants to avoid the case evaluation process by specifying anot… Read More
Jan
12
People develop and purchase real estate with ambitious ideas of how to develop it. But simply owning property doesn’t give the person unlimited freedoms to do what… Read More
Read More From Our Blog