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

Oct
8
Eight attorneys at the Sterling Heights-based O’Reilly Rancilio law firm have made the peer-selected Super Lawyers lists. Each year, no more than five percent of t… Read More
Sep
23
O’Reilly Rancilio attorney Scott Ruark was quoted on Fox 2 News on Sept. 22 for a story on a case involving a his client, a Wayne city employee, who was the allege… Read More
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Blog

Oct
19
On Oct. 14, the Michigan Occupational Health and Safety Administration (MIOSHA) issued emergency rules meant to protect employees from COVID-19 while at work. Govern… Read More
Oct
12
Choosing a personal representative (formerly called “executor”) for your estate is no easy matter. You will want to make sure you have selected a person or entit… Read More
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