Business Succession Planning Attorneys in Jackson, MS
Often times, succession planning for a business works in tandem with estate planning. Even if the estate tax is not a driving factor, the continued success of the business, as well as peace of mind of the current owner(s), are the dominant focus. Additionally, current owners can utilize various planning techniques to ensure adequate funds for retirement.
We routinely form family limited partnerships (FLPs) and Limited Liability Companies, Self-Cancelling Installment Notes (SCINs), Family Banks, and other planning vehicles to achieve these goals. Ownership restrictions with respect to various entities can be very helpful in keeping businesses “in the family.”
Life insurance policies are also an effective way to buy out the interest of an owner upon death or disability, in addition to non-qualified deferred compensation arrangements.