Business Succession Planning

Business succession planning is an investment in the future of every business. Manning Fulton can help establish a plan to ensure the continuation of your business and to increase the possibility of a return-on-investment. Multi-generational business planning requires cutting-edge legal and tax planning techniques and an appreciation of the dynamics involved in intra-family matters. While many businesses don’t survive long after a change in leadership, the existence of a succession plan demonstrates a commitment by the founders to the long-term growth, continuity and stability of a business.

Succession planning is a multi-step process that begins with an assessment of our clients’ business arrangements, corporate structures, wills and trusts, and existing insurance policies. Depending on the situation, buy-sell agreements, compensation procedures and employee incentive plans may be modified or implemented. Manning Fulton attorneys have assisted clients in the development and completion of the following business succession plans:

  • Formation of family limited liability companies and family limited partnerships designed to consolidate asset ownership, manage real estate investments and minimize estate and gift taxation
  • Preparation of transfers of ownership interests to certain shareholders upon death or retirement of other shareholders
  • Configure transfer of multi-million dollar family business to next generation using sale to defective grantor trust
  • Implementation of split dollar executive compensation arrangements
  • Structure intra-family loans, seller-provided financing, self-cancelling installment notes and sales to defective grantor trusts
  • Formation of charitable trusts and private foundations
  • Creation of conservation easements
  • Structure favorable retirement plan and IRA distributions.
  • Coordination of transfer of life insurance policies to irrevocable trusts to minimize estate taxation of proceeds

Once a plan has been established, Manning Fulton attorneys can assume the critical role of reviewing and updating the plan as circumstances change.

For over 55 years, Manning Fulton attorneys have advised clients in all areas of the law that impact business succession planning, such as income taxation, contract law, estate planning, transfer taxation, corporate and other entity governance, debtor and creditor law, asset protection, employment law and dispute resolution.

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