Family Business Succession Planning

Members of the practice regularly advise families on family business planning matters. Strategies for the senior generation to pass a business in a tax-effective manner to the next generation may include recapitalizing the business into voting and nonvoting shares and transferring the nonvoting stock to the next generation. Advice may also include methods to compensate a descendant who does not participate in the business. This process often results in a team approach by including a family’s other trusted advisors, such as the client’s financial planners and accountants.