Estate Planning for Business Owners in Kentucky
Business succession planning is often put off by Kentucky business owners, however it is one of the most critical components of an effective estate plan. Business succession planning ensures that you are in control of your closely held company and its future, while ensuring a smooth transition in the event of death, incapacity or unexpected developments in the life of a business owner. Effective planning can help to avoid legal disputes and arguments between siblings or family members in the future, while protecting valuable assets and your company’s ongoing operations.
Dodd & Dodd Attorneys, PLLC provides valuable estate planning and general counsel to our business counsel. Our decades of business and estate planning experience provides valuable insight for our clients as they address the need to protect their ownership interests in a family or closely-held business.
Complete and Comprehensive Business Succession Planning
Our firm handles succession planning for farms, small businesses and family and closely held businesses. We provide seasoned counsel throughout the business succession planning process, including:
- Negotiating and drafting buy sell agreements with compensation procedures
- Preserving the assets of your small business
- Granting of Shares
- Selecting officers and reforming the company
- Hiring a CEO or other outside expertise to run the company
- Organizing the equity of your small business
- Orchestrating the sale of the business and distribution of the proceeds if the company will not be passed directly to a beneficiary or heir
Dodd & Dodd Attorneys, PLLC understands that business succession planning requires attention to detail in order to ensure success. Our thorough process may involve negotiations with partners, owners, principals, accounting firms, and financial professionals to ensure all aspects of the business succession plan are addressed.
Throughout the life of the company, it is important to continually revisit and update the plan, as your company increases or decreases in value and your tax liability or insurance value changes. Our firm will also review and update any associated trusts or wills, and evaluate existing insurance policies to ensure the effectiveness of your estate plan as a whole.
Contact Experienced Louisville Business Succession Plan Lawyers
The unfortunate fact is the majority of small to mid-sized businesses in Kentucky do not have business succession plans. Without a successful succession plan, most businesses would be liquidated at a fraction of the value of the business itself, or outright dissolved leaving nothing for the family, beneficiaries and heirs.
Our effective business succession planning ensures the business can continue if you are incapacitated and your instructions are legally established to guide the transition. This keeps your business moving forward, maximizing its value while providing the greatest opportunity to ease one of your heirs or new ownership into place.
Learn more about our business succession planning and estate planning services at Dodd & Dodd Attorneys, PLLC located in Louisville, Kentucky. Schedule a consultation to speak with one of our experienced lawyers about your business and future plans. We will develop a strategy that will protect your business through any challenge that might arise, and ensure that all of your hard work, investment and initiative are preserved and passed to your beneficiaries and heirs. We invite you to review the comments and recommendations of our clients and contact us or call (502) 584-1108.