Business Succession Planning

Massachusetts Business Succession Attorney

Without a proper business succession plan, a family business can cause unnecessary stress during estate administration. New Bedford attorney Michael T. Lahti is a Certified Elder Law Attorney who has more than 13 years of legal experience. Our estate planning law office has extensive knowledge of Massachusetts probate laws and vast experience assisting clients with estate planning and business succession planning to reduce the animosity or uncertainty that may arise after a family business owner or business partner passes away. Contact our Southcoast or Cape Cod law office for experienced assistance from a local New Bedford business succession lawyer.

Our New Bedford Business Succession Services:

• Creating family limited partnerships or a limited liability company (LLC)
• Negotiating and drafting business succession agreements
• Buy-sell business planning agreements
• Other business succession plans

Why is a Business Succession Plan Important?

Avoid Estate Tax Problems: When an individual passes on, all of his or her assets must proceed through estate administration. Extensive assets from a prospering family business may cause an individual's estate to be subject to expensive estate taxes. However, often times, the majority of these assets are actually tied up in the business and cannot be used to pay the estate taxes without selling the business. At Lahti & Lahti, P.C., we help clients proactively create a business succession plan so that the family is not forced to sell the business later.

Avoid Business Partner Disputes: Business succession planning can also be effective to avoid tension with how to move forward with a business once a business partner passes away. Although tension is often unforeseeable, it is very common for other business partners to disagree with how a business should continue or cease to continue after a partner dies or becomes incapacitated. By proactively creating an inclusive business succession agreement determining price, business interest percentages, and buyers, there is less opportunity for uncertainty, dispute, and expensive court costs in the future.

New Bedford Business Planning Lawyer

For effective business succession planning assistance from a local experienced Southcoast attorney, contact our Massachusetts business succession planning law firm.