Successful Estate Planning (and Lower Inheritance Taxes)

Our estate planning and business attorneys met and guided the patriarch of a family run commercial building products provider and installer in Philadelphia through the process of gifting the ownership of his business to his sons and business partners as part of his estate and business succession planning. Contemporaneous with the gifting was the execution of a long term employment and private pension agreement securing a sizable income for the client and his wife for the rest of their lives. The planning steps reduced the size of his estate and the resulting inheritance taxes that his sons will have to pay. It also provided financial security for he and his wife allowing them to maintain the lifestyle that they desire.

Business Advisory Group attorneys met with the owner of a Bucks County based business that is a leader in the coating application industry, which provides local, national and international products for the oil, gas, and water industries. Our attorneys developed an estate plan with generational trusts for the owner’s descendants, financial power of attorney and healthcare power of attorney, and succession plan for the business to minimize taxes and maximize asset protection.