In business, legal matters arise in unexpected places. It’s not just about lawsuits. It’s contracts and mediation and so much more. The family component of a family business makes the legal management and representation of your firm all the more complex, so it’s wise to be familiar with the ways an attorney can assist your family business.
The following information provides guidance on how family businesses can best work with their legal representatives.
For years, proactive taxpayers have used family limited partnerships (FLPs) and other family-owned business entities in estate planning. If properly structured and administered, these estate-planning tools allow high net worth individuals to transfer their wealth to family members and charities at a substantial discount from the value of entities' underlying assets.
When working with a family business, attorneys have certain duties to their clients. This article answers questions concerning the Attorney/Client relationship as it relates to the business.