Business Succession Planning
Estate Planning
Business Succession Planning
Arranging a Business Succession Plan is critical to ensure the company’s ongoing success during an ownership change. With four generations of Auld attorneys, we’ve worked with many local businesses and helped them successfully transition ownership. We’ve also worked with the company accountants and financial advisors during the transition.
An Exit Strategy for You and the Company
When you’re ready to arrange your Business Succession Plan, we will help strategize a plan that can include:
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- Reducing Estate and Income Taxes
- Planning Retirement Income for You
- Protecting all Assetss
- Protecting the Business
It’s essential to invest time into planning and developing a strategy before you’re ready to change ownership. This will help maintain the company’s success and guarantee that the company is prepared for any unexpected events.
Business Succession Plans
A successful Business Succession Plan benefits both you and the business. We will help you address any potential problems (death, disability, disagreements between business owners) during this time. To prepare a successful plan, we will help you to:
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- Determine the Value of the Business
- Identify Future Owners and Managers
- Maintain Loyalty of Key Employees with Company Incentives
- Ensure Fair Treatment of Family Members in the Business
Counseling and Assistance on Business Documents
We can counsel and assist you on the use of:
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- Business Formation
- Operating Agreements
- Buy-Sell Agreements
- Deferred Compensation
- Life-Insurance
- Non-Compete Agreements
- Stock Options
- Wealth transfer via Trusts or other estate and tax documents
Assets Exempt from Inheritance Tax
As mentioned above, there are certain exceptions to taxes on some assets and property. Exceptions include:
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- IRA accounts if the individual who died hasn’t reached the age of 59 ½
- Life insurance proceeds paid to a beneficiary
Filing a PA Inheritance Tax Return
If you’re filing a PA Inheritance Tax return, you’ll need to complete a REV-1500 form provided by the PA Department of Revenue (an instructional guide on completing the REV-1500 is available). As the personal representative, you’ll have nine months from the deceased person’s date of death to file and pay the Inheritance Tax return. If you miss the deadline, there is a 25% tax penalty or $1,000 (whichever amount is less).
5% Discount Option
If you prepay the Inheritance Tax within three months of the person’s death, you receive a 5% tax discount on the tax due.
Guarantee Timely Filing with the Help of an Attorney
As estate attorneys, we can educate and guide you throughout the Inheritance Tax process from determining the assets and obtaining deductions, reviewing all documents for accuracy and completing the return. Our goal is to make this challenging time a little easier as you fulfill your legal responsibilities.
Send a Message
Contact Us to Get Started
Complete our online form so we can help you with your estate planning process.
We are happy to provide a free, 30-minute consultation, with legal advice and answer any questions you may have about your current situation. Our goal is to provide you with clear, straightforward information to help you understand what you need.
Rebecca's expertise and insight were evident after discussion on the phone before I even met with her. Once meeting these skills were apparent These traits were on display in her follow up questions and in answers to my questions. Her explanations and analogies show understanding coupled with legal knowledge and explanation of policy. Her abilities were apparent during and after completion of the Estate Planning Process. Her prices are reasonable for high quality work, time spent with the client, and personalize attention.
I am so pleased with the total Estate Planning Package, that I have begun a needed Real Estate Agreement with Rebecca.
I think that Rebecca is very knowledgeable, about law and policy, helpful, creative, and empathetic, and a pleasure to work with. I would recommend her highly without any reservation.
( I met Rebecca for the first time after Thanksgiving of 2021. I needed some accommodations. Both Rebecca and Brian were welcoming and eager to modify the situation to met my requests and needs. I thank them deeply for the concern and accommodations, attention and quality legal documents, completed and in process.)
Gratefully,
Meryl Gotlieb
Thank you, Mrs. Auld, for so efficiently and accurately providing such a reassuring plan for both myself and my heirs.
Rebecca Auld will go to bat for you and is a pleasure to work with!
5349 William Flynn Highway
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