Financial planning is not limited to estate planning, although that is certainly part of it. Our lawyers at Corash & Hollender, P.C., help people with all types of financial planning processes. Whether you are concerned with protecting your personal assets or need to shield yourself from creditors in the event a business goes sour, our attorneys can help. We have been providing skilled legal advice and representation since 1977; we are well-positioned to help you or your business with financial planning. Contact our Staten Island law firm to discuss your needs.
Business Succession Planning
Because we provide ongoing representation to many local businesses, we see what happens when businesses fail. We see how the failure to plan for the future of the business creates dissension among heirs. We see it when businesses must be sold because of a reluctance to confront problems or the unpleasant subject of the death of the founder. Business succession planning can help avoid problems and spell out your wishes for your business.
Our lawyers have helped business owners leave their business to their heirs. We have set up plans that allow the employees to buy a business, either before or after the owner leaves the scene. We have established irrevocable living trusts and limited liability companies that transfer the ownership of the business to heirs while allowing the business owner to continue to participate in the operation of the company and at the same time reduce the tax burden on the beneficiaries.
Reducing Personal Liability While Running a Business
We have established limited liability companies (LLC) and corporations to limit liability on the part of business owners. Setting up these forms of business operation provides protection from lawsuits. This provides asset protection for you and your heirs, preserving your wealth for the future rather than making it vulnerable to lawsuits and business cycles.
Our attorneys provide ongoing advice and counseling about business practices that allows owners to focus on building a company that you can pass along to heirs or employees as a thriving concern. The situation of each family or business is different; different personalities, problems and regulatory circumstances can play a role in determining how a business should be set up to maximize assets for the future. Seemingly small problems can affect the profitability of a business. Our ongoing counsel gives business owners access to knowledgeable advice targeted to their situation, helping them build a solid asset for their heirs.
Contact Our New York City Attorneys for Asset Protection
To discuss financial planning for your business, contact our Staten Island law firm, Corash & Hollender, P.C. Talk with an attorney dedicated to helping you protect your business for the future. Call 718-442-4424.
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