Business Succession Planning, Business Entities, and Real Estate
We provide legal assistance to clients with the creation and use of business entities, and with real estate conveyancing, leasing and financing, but our practice in this area is somewhat limited and typically arises out of the estate planning or estate and trust administration practice areas.
For example, we provide advice to clients about the type of business entity, if any, that would be appropriate for owning, managing, and operating a family business in the business succession context; owning and leasing commercial or residential real property; and owning residential property for the benefit of a family group, including oceanfront and lakefront seasonal homes. We are conversant with corporations, taxable as either C-corporations or S-corporations, limited liability companies, limited and general partnerships, trusts, and other title holding arrangements.
In connection with personal-use real property, we create qualified personal residence trusts (QPRTs), other kinds of trusts, LLCs and family partnerships to facilitate the long-term ownership and management of real estate by family groups.
In the context of estate administration, we often assist clients with the sale of real estate, providing guidance from the listing of property for sale through negotiating the terms of a purchase and sale contract, and finally preparing closing documents and assisting clients with the closing.
We sometimes provide advice to clients who are involved in purchasing property, but we would generally refer clients who are buying property to outside attorneys with focused real estate practices and expertise in title searches, and who can issue title insurance, which we do not handle.