Family-Owned Businesses

Family business owners and landowners face unique challenges surrounding how to preserve the family business—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.

However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Probate fees and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs. If you need assistance with any questions regarding family-owned businesses, our team is here to help you navigate these waters.

How We Can Help You and Your Business

At Khalsa Law, we understand that running a successful business requires unwavering dedication, focus, and meticulous attention to detail. As the business landscape becomes increasingly complex, it’s essential to plan for the future so that your business is passed on to the next generation.

That’s where a skilled succession planning attorney can make all the difference. Our experienced estate planning attorney can save you valuable time and effort while safeguarding your business from potential state, federal, or competitor interference in the event of unforeseen circumstances.

With our caring staff on your side, you can rest assured that your business will fall into the right hands when the time comes. We’ll craft a comprehensive plan to prevent any infighting or confusion among your beneficiaries and protect your assets and family.

Our business succession planning attorney has years of experience helping companies like yours navigate ownership and management transitions. We leverage every applicable law in New York to ensure that the right beneficiaries benefit from the transfer of ownership.

Estate Planning Solutions for Family-Owned Businesses

Your farm or family-owned businesses pose two estate planning challenges:

1. How can you preserve it so that you can pass it on intact to the next generation
2. How will you equitably distribute it among your heirs.

Achieving these two goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your farm transfers. Contact our office for more information about your options.

Also be sure to read more about Business Planning and Asset Protection strategies here.