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
8
2019 marked many successes for the attorneys and staff at O’Reilly Rancilio in Sterling Heights, and we are happy to present just a few of the notable achievements… Read More
Dec
5
O'Reilly Rancilio Of Counsel attorney Jim Thomas was named one of America's Top 100 Criminal Defense Attorneys. Read More
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Blog

Jan
15
Most business owners already know that Michigan’s minimum wage increased on Jan. 1 for the second year in a row. The increase, to $9.65 an hour, affects businesses… Read More
Jan
9
Few people wish to think about their mortality, let alone take time to plan for those they leave behind. A recent Care.com survey reveals why people fail to create a… Read More
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