Bay Area Estate And Tax Planning Law Firm

Focus on business succession considerations, Part 2

On Behalf of | Dec 1, 2016 | Uncategorized |

Imagine that, as a California business owner, you intend to transfer your ownership interest and retire to a more leisured life that you have long envisioned.

Might there reasonably be a lot to consider regarding that transition?

Of course there is, and we highlight that reality on a relevant page of our estate planning and tax website at the Bay Area-based Law Offices of Connie Yi, PC.

Our immediately preceding blog post introduced the subject matter, with our November 29 entry underscoring the need for timely and tailored succession planning.

Much necessarily goes into the process of ensuring a smooth transition, including, centrally, the need to conduct a thorough and accurate valuation of business holdings and to determine the proper business form that will define an affected enterprise in the future (e.g., a limited liability company or limited liability partnership).

And, additionally, it is flatly important for succession planners to consider transfer rights to other individuals, including, often, family members. What percentages are being considered? And will they be transferred all at once or over a period of time?

For obvious reasons grounded in the complexity of succession in the business context, a planner might reasonably want to timely secure the assistance of a proven estate planning attorney who also commands additional acumen as a tax practitioner.

Our principal attorney possesses that integrated background. In fact, Connie Yi couples her years of studied representation in the estate planning realm with invaluable experience she gained working as a Certified Public Accountant at Ernest & Young LLP, one of the so-called Big Four accounting firms. Ms. Yi is also among a small minority of lawyers designated by the California State Bar as a Certified Specialist in Estate Planning, Estate and Probate Law.

Our firm welcomes contacts from business owners with questions or concerns regarding succession planning, as well as the opportunity to bring our proven advocacy to bear on their behalf.