Lobbying Affiliate: MML&K Government Solutions

Business Succession Planning

If you want fruit to fall, sometimes you need to shake the tree.

{ Banner Image }

Related Areas

Overview

Passing a business to the next generation requires sophisticated advance planning. The law firm of McBrayer can address the multitude of considerations to provide for a smooth transfer that preserves the family enterprise and minimizes the tax consequences.

We provide business succession planning to small businesses and family-owned companies throughout Kentucky and neighboring states. Our attorneys have the collective experience to anticipate every aspect of the transition, from taxation and creditor claims to reorganization and recapitalization.

Business Lawyers for Management or Ownership Succession

Succession is the planned transfer of a business or an ownership stake to new owners — family heirs, a key employee or investors. We sit down with clients to address important decisions and identify potential conflicts.

Do your heirs want to inherit and continue the business? Will they be active managers or merely owners? Will shares be distributed evenly between siblings? Can those shares be sold or transferred? Will you turn over control now, gradually or upon your passing?

After determining who will succeed and when, we can create the succession documents to address all considerations:

  • Minimizing income tax and estate taxes upon transfer
  • Reorganization of equity
  • Revision of the operating agreement and buy-sell agreement
  • Updating wills, trusts and insurance policies in accordance
  • Liens and debts against the business
  • Creditor claims against successors
  • Employment and management agreements

Business Succession and Estate Tax Strategies

We work with financial planners, lenders and other outside counsel to arrange for orderly succession of an LLC, family limited partnership or other business entity. Our in-house estate planning and tax planning lawyers can also advise on the most advantageous methods for transferring the business, including Delaware trusts, grantor trusts and generation-skipping trusts.

The specific strategies depend upon each client's goals and unique circumstances. To speak with one of our Kentucky business succession planning attorneys contact the firm online. We have law offices in Lexington and Louisville, a government relations office in Frankfort, Kentucky and presence in Washington, D.C.

Attorneys

News & Insights

Blogs

Who We Serve

Whether you're transferring your business to family, partners, or other individuals, McBrayer PLLC can assist in the process so that it runs smoothly and efficiently. We strive to help you put the business you worked so hard to build into the hands of those you want to own the company when you retire or leave the business for another opportunity.

Lexington, KYLouisville, KYFrankfort, KYFrankfort, KY: MML&K Government Solutions