Foster Swift attorneys counsel families in all stages of succession planning by balancing business and family goals to help pass the family business successfully to the next generation. By ensuring family members where they stand with the future of a family business, it eliminates uncertainty and minimizes unintended problems now and in the future.
A four step approach is taken to help provide a clear vision of the company's future.
- Identifying the owner's business goals, family goals, and financial needs;
- Transitioning management of the family business;
- Transferring ownership of the business; and
- Estate planning for the owner(s) and family.
Foster Swift's attorneys have decades of experience providing succession planning services, including:
- Management succession
- Family limited partnerships
- Gift programs
- Recapitalization
- Buy-sell agreements
- Profit sharing/pension planning
- Tax planning (federal, gift, estate, real property, etc.)
- Business valuation
- Private Annuities
- Employee Benefits
- Insurance
- Stock bonus plans
- Installment sales
- Gift/Sale transactions
- Salary Continuation Agreement
- Employee stock ownership plans (ESOPs)
- Self canceling installment notes (SCINs)
- Sales to intentionally defective grantor trusts (IDGTs)
- Grantor retained annuity trusts (GRATs)
- Deferred Compensation
- Estate Planning
Recent Blog Posts
Publications & Alerts
- Don’t Wait to Begin Business Succession Planning, MiBiz, September 15, 2020
- How to Talk to Your Family About Succession Planning, Foster Swift Agricultural Law News, March 30, 2020
- Three Myths about Farm Succession Planning, Foster Swift Agricultural Law News, January 28, 2019
- Your Initial Estate Planning Meeting: What to Keep in Mind, Foster Swift Agricultural Law News, October 22, 2018
- Five Reasons Why You Need a Good Succession Plan Now, Foster Swift Agricultural Law News, January 24, 2018
- A Guide to Land-Lease Agreements for Farmers and Landowners, Foster Swift Agricultural Law News, January 27, 2015
Events
- Estate and Succession Planning Essentials for Family Farms: Don’t Procrastinate – Control the Future of Your Farm, Great Lakes Crop Summit, January 30, 2019
- Estate and Succession Planning for Family-Owned Agri-Businesses, Michigan Cattlemen's Association, January 21, 2012
News
- Firm Elects Executive Committee Members for 2019, Michigan Lawyers Weekly, March 7, 2019
- Janssen Receives Community Foundation Philanthropy Award, Michigan West Coast Chamber of Commerce, June 6, 2018