Wills, Estates & Trusts
May 5, 2025
Estate planning key to successful family business transitions
See more on Estate planning key to successful family business transitionsPlanning for family business succession requires addressing ownership transfers, income needs and asset distribution to ensure business continuity and family harmony.
As an estate planning attorney for 30 years now, I've been involved in planning for several family businesses. Why do some last for two, three or more generations, and others only one? A successful transfer to the next generation almost always takes a good bit of planning.
Have a plan for the transition process. Set a timeline goal for the transfer, and cover your, and the next generation's, expectations. Will there be gift transfers of ownership? Purchase of ownership? Doe...
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