Real Estate & Family Business Planning
Business entities are often an important component of estate planning.
Questions about entities can arise in the context of creating a new family business or planning for the succession of an existing family business as well as the creation of an entity as a tool for family members to share ownership of a single asset.
In the business succession context, we advise clients about the type of business entity, if any, that would dovetail with their estate planning goals and be appropriate to own, manage, and operate a family business or business real estate.
We counsel clients on how best to pass family businesses on to the next generation. We are conversant with corporations, limited liability companies, limited and general partnerships, trusts, and other title holding arrangements. Each of these arrangements has its own quirks within the estate planning area that make our perspective and analysis a bit different from a traditional business approach.
We do not handle significant commercial or general corporate transactions and would work in conjunction with counsel expert in that area if a transaction arises.
It is quite common for clients owning vacation or seasonal homes to consider how best to leave such properties for the mutual benefit of a family and future generations.
In such cases, we counsel clients on the various tools for facilitating the long-term ownership and management of real estate by family groups, including LLCs, qualified personal residence trusts (QPRTs), other kinds of trusts and family partnerships. We can also provide continuing guidance on how best to run such family entities.
Finally, when a client has passed away, we can assist the estate with the transfer of real estate or business interests to the heirs or provide guidance on the sale and management of the property until the sale is complete. While we are able to prepare and record deeds, we tend to refer clients who are engaged in an arm’s length sale of real estate to outside attorneys who specialize in real estate, have expertise in title searches, and can issue title insurance.