SHAH LAW, LLC
Our New Jersey office serves the estate planning needs of the communities of Alpine, Englewood Cliffs, Hoboken, River Vale, Tenafly,
Haworth, Hawthorne, Wayne, Ridgewood, Glen Rock, Saddle River, Upper Saddle River, Allendale, Ho-Ho-Kus, Wyckoff, Franklin Lakes,
Fair Lawn, Kinnelon, Ramsey, Waldwick, Oradell, Westwood, River Edge, Woodcliff Lake, Montvale, Oakland, Elmwood Park, Saddle Brook,
Maywood, Hackensack, Teaneck, Englewood, Fort Lee, Mahwah, Paramus, River Vale, and Edgewater, NJ. We represent clients in New
Jersey counties that include Bergen County, Passaic County, and Morris County.
Our New York office serves the estate planning
needs of the throughout the New York City area including Manhattan, the Bronx, Brooklyn, Queens, Staten Island, New City, Monroe,
and Warwick. We represent clients in New York counties that include Rockland County, Orange County, NY, Suffolk County, Nassau County
and New York County.
What is business succession planning?
Business succession is a component of estate planning which is extremely important for individuals and families who own a business
or an interest in a closely-held business. Business succession planning can often be broken into three components: ownership,
management, and taxes. The failure to properly plan for business succession causes almost 70% of family businesses to not survive
the transition from founder to next generation.
Do you need business succession planning?
If you answer yes to any one of the following questions, you need business succession planning:
Do you wish to retire from your
business or sell it at some time in the future?
Do you have some family members that are active in the business and others
that are not?
Are you a partner in a closely held business?
Do you have a professional business which family members
are not licensed to take over?
Are you the sole manager of your business?
Are you concerned about how estate tax
consequences may affect your business?
Are you interested in transferring business ownership to family members during your
lifetime?
How do you accomplish your business succession goals?
Business succession is a specialized area of estate planning that has many factors that must be considered. Call us and
set up an appointment to discuss what it is that you would like to accomplish. We will walk you through the planning process
and help you develop an overall strategy that will implement business succession planning within your greater estate plan.
We are committed to working with you throughout your lifetime to ensure that your estate plan accomodates life's changes.