​Creating a Successful Estate and Business Succession Plan

A husband and wife owned a successful business in which two of their four children worked. The business also employed three non-family employees whose services were crucial. The parents wished to treat all four children equally, but also intended to pass the business on to the two who had expressed the greatest interest in the family enterprise. This presented challenges, in part because the value of the business was easily more than half of the value of the parents’ community estate. Socius lawyers crafted an estate and business succession plan that significantly reduced potential estate taxes, equitably divided the parents’ estate among their children, and created incentives for the non-family employees to remain with the business.