Real Estate and Business Succession Planning
Business succession planning is planning for the orderly transfer of the management and the ownership of a business to new managers and new owners to avoid a liquidation of the business as well as unnecessary taxes and other expenses, in a manner that carries out the family’s nontax objectives. The business owner planning to transfer the business to the next generation is confronted with many issues, including whether the owner should sell the business during the owner’s lifetime, whether the business should be continued after the owner’s death, who will control the business after the owner’s death, who will own the business after the owner’s death, and who will manage the business after the owner retires or dies. Our attorneys are not only trained in handling simple real estate matters, we take care of complex real estate litigation in the event of a death, a cloud on title, fraud or many other complex real estate issues in Nassau County, Suffolk County, Queens County, Bronx, Westchester, Richmond County, Manhattan and Brooklyn Kings County New York.
The owner of a closely held business will have many of the following objectives: retaining control of the business, retaining income to continue the lifestyle of the owner and owner’s spouse, satisfying estate-planning objectives, providing for the continuity of the business, concern for employees of the entity and for the community in which the business is located, reducing transfer and income taxes and administration expenses, and providing for liquidity, including the payment of estate taxes.
There are a number of options available to the owner, including a sale of assets, a sale of stock, a sale to an Employee Stock Ownership Plan (ESOP), a sale to employees, a sale to children, and a tax free acquisition. All of these involve many tax and nontax issues. The failure to develop or implement a plan could lead to the liquidation of the business, including bankruptcy, resulting in the loss of intangible value, including good will and going concern value.
The business succession planning team at MLA is uniquely qualified to assist the closely held business owner in developing a business succession plan that will successfully carry out his or her tax and nontax objectives.
Business Succession Planning, Business Entities, and Real Estate
We provide legal assistance to clients with the creation and use of business entities, and with real estate conveyance, leasing and financing, but our practice in this area is somewhat limited and typically arises out of the estate planning or estate and trust administration practice areas.
For example, we provide advice to clients about the type of business entity, if any, that would be appropriate for owning, managing, and operating a family business in the business succession context; owning and leasing commercial or residential real property; and owning residential property for the benefit of a family group, including oceanfront and lakefront seasonal homes. We are conversant with corporations, taxable as either C-corporations or S-corporations, limited liability companies, limited and general partnerships, trusts, and other title holding arrangements.
In the context of estate administration, we often assist clients with the sale of real estate, providing guidance from the listing of property for sale through negotiating the terms of a purchase and sale contract, and finally preparing closing documents and assisting clients with the closing.
We sometimes provide advice to clients who are involved in purchasing property, but we would generally refer clients who are buying property to outside attorneys with focused real estate practices and expertise in title searches, and who can issue title insurance, which we do not handle.
Our real estate lawyers have handled hundreds of real estate closings throughout New York.
Including: Manhattan, Suffolk, Nassau, Brooklyn Kings County, Queens, Bronx, Staten Island, Westchester County, Richmond County, and upstate NY. Our real estate attorneys are among the best in the country and they look forward to helping you. Call us today.
Make the call today and we will help you close your Real Estate Deal!
If you would like to Free Appointment & Case Review about this unique opportunity, to begin the process, simply call: 631-465-0444
Castiglia-Rubinstein & Associates devotes a significant part of their firm to the area of Commercial Real Estate and Residential Real Estate. They provides a wide range of real estate services representing buyers and sellers in transactions involving commercial and residential property. From initial negotiations to closing, including drafting of documents, monitoring contingency periods, and possible closing issues such as pre-possession agreements.
We work in the following areas of real estate: Private Financing Home Acquisitions Mortgage Loan Modification Real Estate Tax Lien Payoffs Foreclosure Workouts Bankruptcy Resolutions Sale / Leaseback Rehabilitation Unique Properties reverse mortgages 2nd mortgages delinquent mortgage Borrower Distress Debt Consultation IRS Liens Short Sales Settlement Conference.
Talk to an Real Estate Law, Real Estate trial Lawyer today at the offices of Castiglia-Rubinstein
We are dedicated to your success — so contact us. Speak with one of our knowledgeable Long Island Real Estate Law, Real Estate litigation attorneys today from wherever you are in New York in Nassau and Suffolk, Brooklyn, Kings and Queens Counties, on Long Island and all New York City boroughs. Call 631-465-0444 today.
Get Help With Your Real Estate or Business Succession Case Now before it is too late.
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