Cleveland, Ohio Family Business Planning Attorneys | OH Estate Tax Lawyers, Succession, Inheritance

6055 Rockside Woods Boulevard
Cleveland, OH 44131
Phone: (216) 642-3342 Fax: (216) 642-8826

Practice Areas

Family Business Planning

Owners of privately held family businesses have, throughout the years, consulted with the attorneys at Wegman, Hessler & Vanderburg for guidance and assistance in planning for the succession and continuation of their businesses. This planning process includes growth strategies for the business, current and future organizational structure related to the business and the transfer of the business to succeeding generations (whether due to the owner’s retirement or death). Without careful planning and close day-to-day interaction with family business owners, substantial estate taxes and conflicting interests among family members can threaten the long term survival and very existence of the privately held family business.

The Family Business Planning group coordinates and pulls together the expertise of attorneys from the Probate and Estate Planning group, Labor and Employment group, Real Estate Services group, Litigation group, Workers’ Compensation group and the Domestic Relations group so as to deliver a team approach to the planning and succession needs of privately held family business owners. Among the various services offered by our Family Business Planning group are the following:

Identifying and selecting the best (from a tax, operational and succession standpoint) entity to hold, manage and transfer the family business, such as S and C corporations, limited liability companies and various types of partnerships.
Designing an operational and organizational structure to accomplish the business owners objectives (such as maintaining control, transferring control, raising capital, avoiding outsiders and non-family owners and providing for a smooth transition in ownership and management).
Reviewing and establishing a comprehensive estate plan that takes advantage of all available state and federal tax credits and exclusions.
Utilizing life insurance and other assets to equalize the inheritances of family members who will not be owners or active significant owners of the business with those who will actively own and operate the business.
Utilizing family limited partnerships and other mechanisms for transferring ownership while maintaining control and minimizing, deferring or avoiding tax.
Designing plans and other methods for the retention of key employees who are not family members.
Designing employment policies and employee plans to facilitate compliance with applicable laws and to further promote the owner’s business goals.
Assisting the business owner in balancing and planning for the diverse interests and needs of different generations and in resolving and/or preventing intra-family conflicts.
Preparing prenuptial agreements and providing advice in connection with the dissolution of a marriage or divorce in order to protect business interests and preserve family wealth.

Members of the Wegman, Hessler & Vanderburg Family Business Planning Group:

David J. Hessler, Chair
Steven E. Pryatel, Chair
Keith A. Vanderburg
Lesley A. Weigand

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