Los Angeles Business and Family Succession Planning Attorney
Protecting the Business You Built for the Next Generation
For business owners, estate planning is not just about who inherits your personal assets. It is about what happens to the company itself when you retire, become incapacitated, or pass away. Without a succession plan, a business can be tied up in probate, forced into a fire sale, or left in the hands of family members who are unprepared, or unwilling, to run it together.
The Law Office of Mitchell A. Port works with Los Angeles business owners to build a succession strategy that keeps the business running and protects family relationships at the same time.
Buy-Sell Agreements
For businesses with more than one owner, a buy-sell agreement is often the cornerstone of succession planning. This agreement sets out in advance what happens to an owner's interest upon death, disability, retirement, or a desire to exit the business, including how the interest will be valued and how the purchase will be funded, frequently through life insurance. Without a buy-sell agreement, a deceased owner's heirs, who may have no interest in or knowledge of the business, can end up as reluctant co-owners with the surviving partners.
Passing the Business to Family
When the plan is to transfer the business to children or other family members, we help clients think through both the legal structure and the practical realities. This can include gradual transfers of ownership using annual gift tax exclusions, the use of family limited partnerships or LLCs to maintain control while shifting value to the next generation, and clear documentation of roles and expectations to prevent disputes among siblings who may have very different levels of involvement in the business.
Coordinating With Your Overall Estate Plan
Business succession planning does not happen in a vacuum. It has to work alongside your will, trust, and tax planning. We routinely address how a family business interacts with estate tax exposure, how to fairly treat children who work in the business versus those who do not, and how key employees or a management team can keep the business operating during a transition period. For clients concerned about long-term control, irrevocable trusts and carefully drafted entity documents can help preserve continuity even after ownership changes hands.
Frequently Asked Questions
What happens to my business if I die without a succession plan?
The business interest becomes part of your probate estate, subject to court administration, and may end up owned jointly by heirs with no experience running it or no interest in doing so together. This frequently leads to a forced sale at a discounted price or protracted family conflict.
Is a buy-sell agreement only necessary for large companies?
No. Even small, closely held businesses with two or three owners benefit significantly from a buy-sell agreement, since it removes ambiguity at the exact moment emotions are running highest.
Call (310) 526-3433 to build a business succession plan with a Los Angeles attorney at the Law Office of Mitchell A. Port.
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"I highly recommend Mitchell A. Port"Living outside California, I needed an attorney from the Los Angeles area to handle my difficult LA Probate case. I went online and fortunately found a very experienced Probate Attorney in LA named Mitchell A. Port. Mitchell took my Probate case and did an excellent job helping me navigate through the intricacies of the LA Court Probate system. He quickly responded to any questions I had and was extremely knowledgeable about the steps required to complete the entire Los Angeles County Probate process. I highly recommend Mitchell A. Port to handle any of your future needs concerning the LA Court Probate system.- Randall
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"Knowledgeable, Personable and Results-oriented"Mitch is a great attorney - knowledgeable, personable and results-oriented. He helped me work through a challenging probate issue and his expertise was invaluable in terms of moving the case forward. Two thumbs up and five stars from me.- Jason
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"I found Mitch online and it was the best click I ever made"When I needed a probate attorney I found Mitch online and it was the best click I ever made. Thanks, Mitch- Norman S.
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"My brother and I have been so fortunate that my father chose Mitch Port to create his Trust!"My brother and I have been so fortunate that my father chose Mitch Port to create his Trust!- Cathy W
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"Mitch is compassionate, extremely knowledgeable and professional"
Mitch is compassionate, extremely knowledgeable and professional
- Lynne -
"Mitchell met my highest expectations."Mitchell met my highest expectations.- LaTrisha M
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"Mitch was awesome throughout this entire process and made this a stressless process."Mitch was awesome throughout this entire process and made this a stressless process.- M. C.
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"Probate cases can be difficult but attorney Mitchell Port makes them easier to understand."Probate cases can be difficult but attorney Mitchell Port makes them easier to understand.- Glendene W.
