The Leading Trust and Estate Litigation Firm in Michigan

Detroit Business Succession Planning Attorney

If you have been running a family-held business, you have possibly been far too busy with daily emergencies and responsibilities to take time for business succession planning. It is essential, however, that you have a plan in place, not only for the time when you retire or move on, but to direct operations due to an emergency if you are not able to manage the business yourself. If you would like to make arrangements for a consultation, contact Prince Law Firm in Detroit at 248-419-1968. A business succession planning attorney will discuss measures that you should consider for your specific situation.

It’s Never Too Early To Plan For Business Succession

Your relationship with your business is constantly evolving. Is it a start-up, where the greatest asset is your energy and talent? Is it a mature business, with a substantial capital value? Are your children preparing to join you or take over as you retire? At each stage the issues involved include tax planning, protecting your estate, providing control for an able manager, and providing for a comfortable retirement. Our estate planning lawyers will have a frank discussion with you about all of those issues, your personal goals, and measures you may consider, including:

  • revocable trust for a family-held business
  • shareholder agreement
  • limited liability company (LLC)
  • partnership agreement
  • tax strategies
  • operating agreements
  • buy-sell agreements
  • business appraisals
  • valuation discounts

Whatever Your Needs Are, We’re Here To Help

You may simply need an updated will, or your situation may warrant a complex layering of trusts and entities. Our attorneys have the sophistication to handle the complex, and the insight to know when you will be protected by the simple solution. Whatever your needs, we’re here to help. Call us today at 248-419-1968 or contact us online.

Estate Planning Law Blog

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Common estate planning misconceptions

Putting together an estate plan is not the hardest thing to do in the world, but it isn’t necessarily the simplest thing to do either. Common misconceptions about estate planning certainly don’t make the process any easier. So, let’s clear up some well-known myths...

Reviewing estate planning goals after entering a second marriage

It might not be uncommon to experience a variety of changes throughout life, and each of these changes could alter your goals and preferences for the future. Upon entering a second marriage, there are numerous topics to consider as you prepare to align your plans with...

Getting POAs set up for your college student

Helping a child prepare for college is a pretty involved process. There are a lot of things to think about and plan for. One thing many parents in Michigan may not think to do is set up powers of attorney for their college-aged kids. POAs serve a valuable purpose, and...

Entering retirement? It’s time to look at your estate plan

As you saw the economy take a downturn and people become frustrated when trying to find work, you decided that it was time to retire. You could leave your position and have it open up for someone else, all without it negatively affecting you.  Now that you’ve made the...

Could you benefit from a long-term care insurance policy?

When it comes to modern medical care, long-term care is one of the most expensive needs that a person could have. Long-term care may necessitate residency in a nursing home, which may cost thousands of dollars a month. Long-term care could also mean having skilled...