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We at GP Schoemakers, PLLC understand that your business may represent the most significant protion of your overall estate. A well designed estate plan should therefor incorporate your business, because without proper succession planning, your business could be subject to substantial estate taxes, or be forced to sell or close upon your retirement or death. In some cases, situations like incapacity or Divorce can be just as disastrous. Your business exit strategy should be an integral part of your estate and retirement planning.
As a business owner you have several different entity structures to choose from. While the limited liability company in general are the most flexible in terms of formalities and tax elections, it is not always the right choice for all businesses or activities. The entity selection process considers many factors, including, but not limited to, liability protection, income and employment taxes, accounting requirements, formality requirements, and the ability to raise additional capital.
Succession planning should be implemented as a way to ensure your business stays viable, even when life happens. Why? Because as a business owner you are counting on the value of your business to provide the foundation of your retirement.
A buy-sell agreement that clearly outlines the events that trigger a potential purchase of an ownership interest (e.g., disability, retirement, death) ensures that the interest can be bought by the new or remaining owners. Life insurance is often used to fund the purchase of an ownership interest upon one of the major events that can happen during your life time, events like Death, Divorce, Retriment or Disability. There are a variety of approaches that can be taken to accomplish the goal the business and the owners had in mind. If this sounds like a subject you like to know more about, we can help.
Call our office and you and Attorney Grace Schoemakers can discuss and create a succession plan that is right for you, your family and your business. Call GP Schoemakers, PLLC in League City, TX at 832-408-0505 to set up an appointment.
Protecting your business and everything that you have worked so hard for is a necessity. Schedule an appoint with GP Schoemakers, PLLC as soon as possible to discuss how you can protect you, your loved ones and your future.