Seasoned Business Succession And Asset Protection Lawyer In Waukesha
You’ve spent years building your company, hiring the right people and reinvesting profits back into growth. But if you were unable to run that business tomorrow, whether due to retirement, a sudden illness or an unexpected accident, would your operating agreement and your estate plan actually align on who steps in?
As a business succession planning attorney in Waukesha, Ashley E. Lillesand-Leonhard helps business owners connect their business structure to their personal estate plan. Through Lillesand Leonhard Law LLC, she helps clients plan for smooth ownership transitions while keeping personal assets separate from business risks.
Why Do Business Owners Need A Formal Succession Plan?
A formal succession plan can help a business stay stable when leadership changes unexpectedly. It provides a clear path for transferring control and keeping operations on track
Key reasons for creating a succession plan include:
- Protecting the business during a crisis
- Maintaining business continuity
- Preserving its value
- Preparing future leaders
- Giving employees, clients and business partners greater confidence in the company’s future.
A well-structured succession plan can help your business remain stable and prepared when leadership changes occur.
The Importance Of Aligning Your Business Interests With Your Personal Estate Plan
Your limited liability company (LLC) and personal estate plan should work together to determine who inherits your business and who manages it if you die or become incapacitated. Your operating agreement, will or trust should use consistent language about ownership, management and the transfer of your LLC interest to help avoid conflicts.
You may also transfer LLC interests to a trust or family members during your lifetime. Properly transferring an LLC interest to a trust may help your heirs avoid probate.
Aligning your estate plan also lets you distribute your company’s financial value without giving up decision-making power. You keep the voting shares so you stay in complete control of daily operations, while giving family members non-voting shares. Passing these along over time reduces the total taxable value of your estate, cutting future taxes while keeping you firmly in the driver’s seat.
What Is A Buy-Sell Agreement?
A buy-sell agreement sets the rules for transferring ownership among partners or shareholders, whether that transfer happens due to retirement, disability or death. It typically sets a valuation method and payment terms in advance, so surviving owners and family members aren’t negotiating those terms during an already difficult time.
How Can An Asset Protection Trust Help Business Owners?
An Asset Protection Trust (APT) is a legal arrangement that may help you protect personal assets, real estate and business interests by placing them under a trust structure.
Business owners may consider an APT because contracts, employee claims, customer lawsuits and creditors can create financial risks. The level of asset protection depends on how you structure the trust and when you transfer assets.
How Can You Minimize Tax Exposure On Business Assets?
Business interests can make up a significant portion of your taxable estate. Gifting ownership interests over time, placing business assets in an irrevocable trust or using valuation discounts for minority interests may help reduce your estate’s taxable value. The right strategy depends on your business structure, ownership interests and estate planning goals.
Attorney Ashley can help determine which approach may fit your business structure and timeline.
Schedule Your Business Succession Planning Session Today
Your business deserves a plan built around your goals, not a courtroom’s default rules. Attorney Ashley offers flat-fee planning and works with you directly from the first meeting through every review down the road.
Contact the firm’s Waukesha office at 414-488-6511 or fill out this online form to schedule a free business succession strategy session and start coordinating your business and personal estate plan today.