Family Businesses. Increasingly, American families tend to hold much of their wealth through some form of family business entity – often an S corporation, family partnership or limited liability company – which may provide a variety of benefits, including:
- Centralized management of family wealth
- Increased investment opportunities (as the amount of the combined assets typically increases available opportunities)
- Greater economic efficiencies
- Asset protection
- Potential tax savings due to the increased opportunities afforded for lifetime gifts to younger family members
Succession Planning. Known for our representation of entrepreneurs and owners of family businesses, we can be of particular assistance in planning for a leadership transition, assisting with:
- Structuring gifting strategies designed to minimize the potential tax imposed when the business owner dies.
- Preparing shareholder agreements addressing succession and buy-out matters.
- Putting in place techniques designed to minimize the potential for family conflict over management of a closely held business.
We can help you restructure the current ownership of your business, setting the stage for a smooth transition, and when the time is right, map out the ownership and control transfer to the next generation.
Working closely with our colleagues in our Business Services practice group, we represent a variety of closely held business clients that have grown from small, entrepreneurial businesses to companies with billions of dollars in revenue.
Family Office. We also work with clients who have a family office – a professional team established to manage the family’s wealth, investments and professional advisors. We serve as trusted members of the team, bringing business, tax, estate planning and planned giving expertise to the table.