Innovative Legal Solutions for Business Succession Planning
There is no way around it: Every business has to change hands eventually. Some people sell or pass on their businesses to their children, and others choose to obtain insurance policies that will cover their business interests upon death. All of these choices have profound, lasting consequences, and each of these choices is ripe with potential pitfalls. It is essential to work with attorneys who understand the various business succession choices available to you and who will give you the personalized attention you need as you are making these complicated choices.
Anderson and Associates, P.C., excels at providing personalized service. We sit down with our clients and help them understand the various options available to them, to help them make informed decisions that will serve their needs in the long term. As Indianapolis business succession planning attorneys with more than 30 years of legal experience, we provide our clients with service that is backed by knowledge, insight and innovative thinking, with the personally tailored service that comes from a small firm.
Business Success and Estate Planning in Indiana
Whether you plan to give your business interest to a son or daughter or create an elaborate insurance policy shared among your partners, passing on a business is extremely complicated. Deciding whether to make an inter vivos or testamentary gift will have tax implications, and accurate valuation is always a complicated determination.
We will take the time to help you understand the various estate planning instruments and business succession options, helping you with:
- Passing on your business: Many people like the notion of handing the business to a son or daughter in a will or trust.
- Buy/sell agreements: The most obvious way to pass on your business is to sell it outright. We can help you with buy/sell agreement negotiation, drafting and review, to make sure that all of the details are covered.
- Business succession insurance policies: Insurance policies like entity-purchase agreements and cross-purchase agreements give you the opportunity to be the owner and beneficiary of an insurance policy that will buy your share of the business after your death.