For commercial owners in New Haven, CT, business succession planning should be a crucial concern. Transferring an operation to family can be a complex process, and as a result, securing the right legal assistance is a must. To this end, Zangari Cohn Cuthbertson Duhl & Grello P.C. can advise clients on the best methods for passing along a business to family members without incurring a huge tax burden in the process.

Understanding Business Succession Planning

While it may be an emotional task, transferring ownership of one’s business to a trusted family member is extremely important. That is the ultimate goal of business succession planning, which entails transitioning an enterprise to the next generation of business owners. In order for this transition to garner the best results, business owners and their attorneys must look at numerous factors. This includes everything from implementing the best succession strategy for the business itself to assessing the abilities of the heirs to ensure the enterprise continues to thrive.

Strategies for Transferring Equity to the Next Generation

When it comes to business succession strategies, there are numerous options that can accomplish the goal of transferring a business while also keeping taxes low. For instance, spousal gifting trusts enable a business owner to transfer equity without losing voting control. Selling equity to a grantor trust is another good option that can help avoid capital gains taxes. You can also make use of different types of agreements, such as shareholder agreements, to help you protect your assets.

When it comes to business succession and law, New Haven clients know they can trust in the legal guidance provided by Zangari Cohn Cuthbertson Duhl & Grello P.C., thanks to more than seven decades of experience. Feel free to visit this firm online for more information on their practice areas. You can also call (203) 789-­0001 today to schedule your consultation with a skilled lawyer.