Milton Business Succession Planning Lawyer
Trusted Milton Business Succession Planning Attorney
If you have spent years building your business, estate planning must take this into account. A succession plan can make your wishes clear to your loved ones and your partners so that after your death, control of your business passes to whomever you believe is the right choice to take control. A Milton business succession planning lawyer can help you create a plan that protects the value of the business you have worked so hard to build over the years.
Experienced Legal Counsel for Business Succession Planning in Milton, MA
Albanese Law, LLC has extensive experience with estate planning for clients in Milton and surrounding communities of Massachusetts. As a business owner, you likely have many concerns about the future of your business when you are ready to retire, but you should also consider what would happen to the business after your death.
End-of-life planning is a difficult subject for many people, but it’s important to understand your options. As few as three-in-ten adults in the US have some form of estate plan in place, and for most of these people, they only have a will. Succession planning is a crucial consideration if you intend to leave your business in the hands of people you trust when you are no longer able to continue managing it.
Succession planning for your business can not only pass leadership of the business to someone you trust, but also support your community. Small businesses are the cornerstone of the US economy, but recent data shows that only about 30% of small businesses are successfully bought. Without a succession plan in place, your business may be forced to close when you are no longer able to run it. We can help you develop that succession plan.
Understanding Your Options for Business Succession Planning in Milton
Estate planning is one of the most important steps you can take if you wish for your family to avoid lengthy and expensive probate proceedings after your death. If you do not take time to develop a business succession plan, then your business may also be subject to probate. Even if another party intends to take over your role, this can be an incredibly difficult process to resolve.
Business succession planning can help your family avoid this. For example, you may wish to draft a buy-sell agreement between you and your business partners. This contract can stipulate what happens when a partner exits the business for any reason, detailing how their share of the business is valued and whether that share can be transferred to another party.
If you own a family business and wish to pass ownership to a sibling, your child, or another family member, an irrevocable living trust may be a viable option for transferring your share of ownership. Ultimately, every business is unique, and every business owner has different needs and concerns when it comes to their succession plan. An experienced Milton business succession planning attorney can help you develop the plan that meets your needs.
Albanese Law, LLC has years of proven experience helping clients in Milton with their business succession plans. We can not only help you understand your options for crafting a succession plan, but also review your other estate planning options under Massachusetts law. It is never too soon to start planning for the future, and we can help, so reach out to our firm as soon as possible to learn how a Milton business succession planning lawyer can assist you.
FAQs
What Are the Five D’s of Succession Planning?
The five D’s of succession planning cover the various disruptive events that could jeopardize your business’s future without appropriate measures in place. These are Death, Divorce, Disability, Distress, and Disagreements. Properly constructed agreements between you and the other stakeholders in your business can help you have a plan in place should any of these issues arise in the future.
How Do I Leave My Business to My Children in Massachusetts?
Leaving your business to your children in Massachusetts could be accomplished with a buy-sell agreement between you and your children that stipulates what happens to your share of the business when you exit the business for any reason, by placing your membership interests or corporate shares into an irrevocable living trust, or by configuring other plans based on the type of business you own and how you intend to divide ownership to your beneficiaries.
What Does Business Succession Planning Cost in Milton?
The cost of business succession planning in Milton typically depends on how much time your attorney needs to spend working on your plan. If you have a large ownership stake in a corporation or own an LLC, you could face various challenges when it comes to creating the succession plan you envision. Generally, estate planning and business succession planning lawyers in Massachusetts charge for legal counsel by the hour.
Can I Modify a Business Succession Plan in the Future?
You may be able to modify a business succession plan in the future, but this will depend on the type of plan you create. For example, irrevocable living trusts cannot be modified once they have been finalized. If you have concerns about how you will address future changes with your business, then it’s important to carefully review your options with the help of a Milton business succession planning lawyer.
Why Do I Need to Hire a Business Succession Planning Lawyer?
You need to hire a business succession planning lawyer because creating the correct plan for your business is likely to be more difficult than you expect. Any business owner faces multiple concerns when it comes to preparing for the future, and you may have more options than you expect for customizing a succession plan that provides peace of mind and financial security. You are more likely to create a solid plan with an experienced attorney advising you.
Speak with an Experienced Attorney Today
The team at Albanese Law, LLC can provide detail-oriented and client-focused legal counsel as we help you draft your business succession plan in Milton. We have years of proven experience helping Massachusetts clients with all types of estate plans, and we are ready to put this experience to work for you and your business. Contact us today to schedule a consultation with a Milton business succession planning lawyer and learn how we can help.
Milton Business Succession Planning Lawyer Reviews
★★★★★
“Mr. Albanese truly cares about his clients. He is accommodating to last minute requests and handles them all with care. He is friendly and works quickly and efficiently.” – Melissa King
★★★★★
“Matthew Albanese was exceptionally kind, thorough and timely. He thought of things i/we had not considered and gave viable options and alternatives. Matthew offered solid reasons for the advice he gave and explained it in a way my mother and I understood. He walked us through the process step by step. I found everyone at the law firm very friendly and easy to deal with. If you are ever in the need of an attorney that handles elder law call Matthew. He was absolutely wonderful!” – Gina Connolly
★★★★★
“Matt went above and beyond the call to help our family secure an irrevocable trust for my parents in their latter years. From initial creation to final implementation, he was credible, patient, trustworthy and very responsive to our needs and questions throughout. I would recommend his services and expertise in elder care law to anyone.” – Paul Vaccaro
Our Office Locations
Visit Albanese Law, LLC
Albanese Law, LLC serves clients throughout eastern Massachusetts from its main office in Milton and satellite offices in Brockton and Mashpee.
