4701 Oleander Drive, Suite A
Myrtle Beach, SC 29577
Hope for the best but plan for the worst…
When starting a new business, most people don’t put much thought into what will happen if they become incapacitated, die, or otherwise become unable to run the business.
When you are gone, does the family business end? Or, can you arrange for the business to continue and thrive?
Your SC business and estate planning lawyer at Axelrod and Associates will help you to set up your business structure not only to meet the business’s current needs but also to ensure that the business survives and continues to be an asset to your family.
If you don’t have a business succession plan in place, your shares in the company will either pass to relatives or other shareholders upon your death. Problems that may arise include:
As with estate plans, one goal of an effective business succession plan is to avoid litigation whenever possible…
Although the best time to put a business succession plan into place is when you first set up the company, we can also help to restructure your existing business to ensure that it continues after your passing and continues to support your family members.
An effective business succession plan may include a combination of:
Your business succession plan should be tailored to accomplish your goals which may include:
Arrangements can be made to instead sell the company or divide the business assets among the employees or family members. Your attorney can also set up trusts to facilitate the transfer of assets to family members while minimizing tax liability.
Whether you are starting a new business or need help incorporating your business succession into a comprehensive estate plan, call your estate planning and business law attorney at Axelrod and Associates today at 843-916-9300 or complete our contact form to set up an initial consultation.
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