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Estate Business Transfers

Areas of Practice:

Power of Attorney
Elder Law
Asset Protection
Estate Planning in San Jose
Health Care Directive

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Estate Considerations for Business Transfers

Also see Buy-Sell Agreements. An estate plan has to be carefully coordinated with a buy-sell agreement in order to avoid potential conflicts. The following steps describe this process in general terms, but an extremely careful scrutiny needs to be afforded this area of law. 

  • The business interest must be determined exactly in order to provide protection from and limitations on family and other claims.
  • Identify any restrictions on the seller’s ability to transfer the business interest, e.g., professional licensing requirements for owners.
  • Use experts to determine the approximate value of the business interest.
  • Consider the testator’s liquidity needs
  • Identify the events that would trigger the buyout.
  • Will the purchase be mandatory?
  • Establish the terms of the payments.
  • How will the funding for the buyout be accomplished?
  • Plan for continuity in operating the business.

There are many other entity specific requirements that must be satisfied depending on whether a corporation, LLC or partnership are involved that require extremely careful legal planning.