Family Owned Businesses face unique challenges and offer rewarding benefits. This Affinity Group is designed for owners and family member employees of these companies, and meets quarterly. The purpose is facilitating open discussions and consideration of critical issues such as succession, ownership, generational challenges, conflict and communication that are unique to family owned businesses, with the goal of connecting with peers and developing strategies to ensure success for future generations of family business owners and family member employees.
Estate Planning and Succession Planning
When planning for the future, a family business owner must focus on both estate planning and business succession planning. A comprehensive estate plan will anticipate and arrange for the management and disposition of assets upon death in a way that minimizes tax liability and preserves wealth. Succession planning also anticipates tax management and wealth preservation, but it focuses on the unique changes a business will face when dealing with transitions of ownership and leadership. This presentation will cover important features of both estate planning and succession planning to highlight ways to help you preserve your legacy.
Beth L. O'Laughlin, an attorney in the Holland office of Warner Norcross + Judd LLP, concentrates her practice in the areas of trust and estate planning, small and family business succession planning, and general business law. She counsels families, individuals, business owners, and others regarding estate and tax planning, advises on family business succession planning matters, represents family and closely held businesses in their day to day business matters, and prepares estate plans to effectively distribute assets, minimize taxation and avoid probate.
Beth L. O'Laughlin, Warner Norcross + Judd