Principals and investors in privately held and professional businesses frequently have a greater then average need to manage and protect their families from the risks of life’s contingencies—death, disability, creditors, our litigious society, and the desire to safely bring along the next generation. Many situations require only routine planning for the management of liquid investment assets, residential real estate, and typical personal property. However, privately held businesses and investment interests, commercial real estate and natural resource interests and specialized high value collections, present a much greater challenge to manage and, if necessary, liquidate in an orderly and tax efficient manner. There are a number of tools that the Business Services Group and the Estates and Trusts Group at Strassburger McKenna Gutnick & Gefsky use to meet the specific needs of our clients.
Succession planning for owners of privately held businesses or professional practices is a critical component of contingency planning, whether the successor is a family member, a part of the business or professional practice, or a third party. This is particularly true when the business owner or investor is financially dependent upon a stream of payments from the business or practice. The Business Services Group at Strassburger McKenna Gutnick & Gefsky works with our clients to define the manner and terms under which the ownership of the business or practice is to be transferred and how the required stream of payments are to be secured.
Clients whose professional and business activities present unusually high litigation and creditor risk also have to consider implementing approaches to protect family assets from those excessive risks. Our Business Services Group works with our clients to identify those risks and the protective options that are available. Timing is critical in properly designing and implementing protective steps that are lawful and effective.
To discuss your personal planning needs, contact Julie I. Kline.