If you are a small business owner, you may have many unique concerns when it comes to estate planning. For instance, you may be asking yourself, "Will my business and estate be subject to large estate taxes? Who will run the business after I am gone, my family or someone else?"
At the law firm of Herman J. Marino Ltd., P.C., in Chicago, we understand how important your business is to you and to your family. You likely spent years building your business and you want to make sure it is properly taken care of when you are gone. Whether you need legal assistance with business succession planning or simply guidance with estate tax management, we can help explain your legal options and guide you through this often-complex process.
When you need help with a complex estate plan involving a business, you need experienced legal guidance ― you need the law firm of Herman J. Marino Ltd., P.C. With nearly four decades of legal experience, plus 10 additional years in public accounting, attorney Herman J. Marino possesses the skill and knowledge necessary to help you create a comprehensive estate plan that takes into consideration your business. Schedule a consultation today by calling us at 312-347-9990.
Small Business Estate Planning And The Use Of Family Limited Partnerships
With a little planning, there is no reason why your business won't survive for many generations. In many cases, however, this process will involve more than a simple will. For example, if you structure your business as a Family Limited Partnership, you may be able to transfer you business from one generation to another while avoiding estate taxes.
However, this is merely one of many options you may want to consider in Illinois when dealing with family business planning, which is why it is always best to consult with a lawyer to learn which estate planning alternatives are best fit to meet your needs. Contact Herman J. Marino Ltd., P.C., for help today.