Using a Limited Liability Company to Transfer a Family Business

I have spoken before about being a member of Wealth Counsel — a national network of estate planning attorneys. This membership gives me the opportunity to associate with the best and the brightest. Through that association, we publish a couple of newsletters for clients and professionals interested in estate planning, business law and asset protection for themselves or for their clients.

In the last issue of The Wealth Counselor, we took a closer look at the powerful planning opportunities that exist for the next two years with the $5 million gift tax exemption. In this issue of The Wealth Counselor, we will examine a case study that uses a Limited Liability Company (LLC) in the transfer of a family business to the next generation.

Most of us have at least one client who has a family-owned or closely held business that is a major part of their estate, yet they have done nothing to plan for the succession of that business. Business exit/succession planning can be challenging because of the tax issues, family dynamics and egos. But it can also be very rewarding. As we help our clients solve these issues, we develop a closer relationship with them, and we begin to build a relationship with the next generation. This planning also strengthens our professional relationships, as we must work together with other professionals to bring about the best results for our mutual clients.

This newsletter is written for professionals and not the general public (that is code for a little more technical; there’s nothing secretive in it.) If you would like a copy mailed to you, please send us an email at info@thefisherlawoffice.com or leave us a comment here. We aren’t secluding the non-professionals. I am just giving you the typical lawyer’s disclaimer. Otherwise, good luck and good hunting.

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The Fisher Law Office is a law firm where the attorneys provide planning for Estate Planning, Estate Administration, Elder Law, Trusts and Wealth Planning, for its estate planning clients. The Fisher Law Office attorneys provide business to business services by providing advice about Business Law, Succession Planning, Exit Planning, Asset Protection, Estate Tax, Gift Tax and Security Clearance advice to businesses and individual clients in Annapolis, Arnold, Pasadena, Bowie, Glen Burnie, Severna Park, Edgewater, Baltimore, Columbia, Stevensville, Chestertown, Dunkirk, St. Mary’s City, Washington, D.C., BWI Airport, Anne Arundel County, Prince George’s County, Queen Anne County, Harford County, Talbot County, Calvert County, Baltimore County, Baltimore City. The Fisher Law Office Attorneys are members of Wealth Counsel and founding members of Advisors Forum, national groups of interdisciplinary trained attorneys, financial planners and accountants trained in the best techniques to provide the most effective Estate Planning, Wealth Planning, Business Law, Succession Planning, Exit Planning advice to businesses and individuals. The Fisher Law Office is AV-rated by Martindale-Hubbell. We can be reached by email at info@thefisherlawoffice.com or on the web at http://www.thefisherlawoffice.com.

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5 Responses to Using a Limited Liability Company to Transfer a Family Business

  1. bor says:

    Great article! Limited Liability Company is not useful only to transfer family business, but it could be also used to transfer family assets!

  2. Randy Fisher says:

    Glad you liked the article. LLCs are a great way to protect assets and part of a strategy for asset protection.

  3. Gorin says:

    Can I call you. I intend to buy an apartment in DC. We are French but one of my sons is a US citizen. What should we do to ensure smooth transmission when we die? LLC?

    • Randy Fisher says:

      Feel free to call the office. I would recommend contacting our office to set up an agreed upon time for the call, given the time difference.

      • Norbert Claude Gorin says:

        Thank you What phone number??? Kind regards

        ATTENTION: merci de répondre en priorité sur mon email professionnel: norbert-claude.gorin@sat.aphp.fr

        Professeur Norbert-Claude Gorin Head Paris Office of the European Group for Blood and Marrow Transplantation (EBMT) Departement d’hématologie clinique et Thérapie cellulaire Hopital Saint-Antoine (APHP) and Université Pierre et Marie Curie (UPMC). 184 rue du Faubourg Saint-Antoine, 75012 Paris Tel: 01 49 28 2620/21 Hopital 01 40 46 95 07 EBMT/University email: norbert-claude.gorin@sat.aphp.fr

        Le 21 sept. 2014 à 18:09, Planning for Your Wealth a écrit :

        > >

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