Family Business Succession Planning
Gravel & Shea’s business and estate planning attorneys represent family business owners through the many stages of business succession planning. In this area we have worked with clients in developing, among other strategies, the following:
- Sales of businesses to children and other relatives
- Gifting programs designed to transition businesses and decrease estate and income taxes
- Life insurance planning to reduce the impact of an untimely death
- Structuring deferred compensation plans to provide a stream of income during retirement
- Advising on and structuring sales to Employee Stock Ownership Plans to take advantage of income tax deferral and transition businesses to employees
Members of this group bring a multi-faceted approach to family business planning and work integrally with other business advisors such as accountants, investment advisors and insurance professionals.