Illinois Family Business Succession Planning
At Ciesla & Ciesla, P.C., one of our most satisfying accomplishments is when we successfully guide the shareholders in a family-owned business through a comprehensive business succession planning process. Our attorneys have years of experience handling matters pertaining to both estate planning and corporate governance. We recognize that good business succession planning in family owned business situations and family limited partnerships is a melding of all aspects of each.
A family may decide that they want to ensure that in future years the majority of the closely-held business stock remains solely in family members' hands. They make a shareholders' agreement to accomplish that end. However, in order to make certain that the shareholders' agreement is honored, they must also be sure that all estate planning documents, such as wills and trusts, take the shareholders' agreement into account.
Chicago Family Limited Partnerships and Tax Planning
Tax planning and advising is a major portion of our work as family business succession planning lawyers. We realize that one of the most important goals of business succession planning is minimizing tax consequences at every stage. We are well-versed in tax planning and often assist our clients in establishing such instruments as a Grantor Retained Annuity Trust (GRAT), or defective grantor trust. Often we will use various gifting options such as the use of a lifetime gift tax credit for a parent who wishes to pass shares of ownership down to the upcoming generations. For assistance with business succession planning for your family owned business or family limited partnership, contact a results-oriented Chicago, Illinois, lawyer at Ciesla & Ciesla, P.C.
Providing for our clients' legal needs, so they can go about their business
Ciesla & Ciesla, P.C.
836 Skokie Boulevard
Northbrook IL 60062
Phone: (847) 412 1988
Fax: (847) 418 3217
www.cieslaciesla.com
Located in Northbrook, Illinois, at Ciesla & Ciesla we develop strategies and solutions to help our business clients achieve success. We serve businesses across the entire DuPage County, Cook County, and Chicago area, including the cities of Deerfield, Lake Forest, Winnetka, Glencoe, Wilmette, Kenilworth, Evanston, Glenview, Skokie, and Highland Park.
