UTAH FAMILY OWNED BUSINESS LAWYERS
Integrating Business Planning and Estate Planning for Families
For family-operated businesses, a combination of business formation documents and estate planning tools can define management or ownership succession within a family, or trigger sale or buyout options under certain defined circumstances.
A family business trust can keep operations proceeding smoothly within a family upon the death of a founding proprietor, which can be especially important for a family farm or ranch. A family limited partnership can likewise transfer family assets at devaluated rates so as to avoid excessive gift and estate tax burdens. Our attorneys also advise families about such assets as recreational property or family cabins that can otherwise generate problems after the death of a parent.
We can work with you to help define your interests and your goals, which can then be expressed in an enforceable agreement. Often business entities can be used to help preserve estate value and to transfer family traditions and core values to future generations through the careful drafting of proper documents and coordination with other planning tools.
UTAH FAMILY LIMITED PARTNERSHIP LAWYERS: CALL 801-463-2600
For additional information about the relationship between business planning and estate planning in Utah, contact a Salt Lake City business formation attorney at Alder & Robb for a free consultation.
