The Witecki Law Office
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Business Succession Planning

Business succession planning is a process involving detailed discussions with you, whereby we learn the nuances of your business, including what you want to happen to your business interests as you age. We begin drafting documents only once we start to understand you and your business, and the interrelationship of the various key people involved in the ownership and operation of the business.

The goal of this planning is to effectuate the smooth  transfer of ownership in a closely held business from one generation to the next, while minimizing interpersonal conflict  and Estate and other Taxes. It is a process which requires considerable thought and attention to detail, but when done correctly, significantly increases the likelihood that a succeeding generation can continue to operate the family business, provided they have the acumen and desire to do so. For businesses worth several million dollars, where the owners do no succession planning, the Estate Tax burden - depending upon the Estate Tax exemption  levels in place upon the death of the owner(s) - may result in the business needing to be sold in order to satisfy Estate Tax liabilities. Where a family business constitutes a significant portion of your Estate, your heirs are allowed several years over which to pay that liability at favorable interest rates. However, with proper planning you may be able to significantly reduce that overall tax liability by using a variety of estate planning techniques involving tax and related planning, including income and estate tax discounts for minority share ownership and lack of marketability for closely held businesses.

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The Witecki Law Office
(518) 372-2827
8 South Church Street
Schenectady, NY 12305
[directions]

 
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Licensed in New York State
       
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