Moore Law Firm

Moore Law Firm

9949 W. Bell Road
Suite 201
Sun City, AZ 85351
Contact Us For A Courtesy Consultation
623-207-9153

Common concerns for succession planning with business owners

Succession planning is a critical step for anyone who owns a business. People need to start thinking about this concept early on in life, similar to every other aspect of estate planning

The succession planning process requires the current owner to identify key objectives, create a thorough decision-making process and develop a transition plan to begin while the owner still oversees operations. Many family businesses end up failing during the second generation due to an inadequate plan. For a business owner to preserve his or her legacy, the line of succession requires establishment early on. However, entrepreneurs naturally have concerns about the process. Speaking with an estate planning attorney can help alleviate those fears, and owners can avoid the most common pitfalls with proper foresight. 

Gift and estate taxes

There can be some steep tax implications with transferring ownership of a business to a family member. Fortunately, there is a simple way to avoid having taxes that are too high. The current owner can begin to transfer ownership while he or she is still alive to a loved one. The owner retains control of the company for the moment, and the family can avoid some of the higher taxes typically associated with succession. 

Best route of succession

Many first-time business owners want to give their companies off to their immediate family members. A business owner with a child may want that child to take control of the company to maintain financial peace of mind. When it comes to such a huge undertaking as transferring business ownership, employers need to ask themselves difficult questions, such as whether a family member is truly the best pick for the job. In some circumstances, it may be best for the owner to assign a family member the role of owner while hiring an outside person as the manager. The family member takes advantage of financial stability while the manager oversees the day-to-day operations. 

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I got the family trust updated.
I was very pleased with the expertise and professionalism exhibited by your staff in serving my needs.

I needed to review my Will, recommended by my son.
Mr. Farrer’s expertise helped me realize that a Trust would better serve my needs.
The staff and Mr. Farrer were very professional and friendly (not cold). Thank you. Very comfortable atmosphere.

Our legal documents were outdated due to time and circumstances.
The staff at Moore Law Firm worked with us to develop a trust and other legal documents which meet our current as well as our future needs.
The staff at moore law firm were so professional, knowledgable and friendly to work with. They worked beyond to accomodate our needs. Thank you all.

Moore Law Firm
9949 W. Bell Road
Suite 201
Sun City, AZ 85351

Phone: 623-207-9153
Phone: 623-207-9153
Fax: 623-977-7237
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B.Moore Law Firm