Expert planning advice
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Plan the success of your business after you exit
You have spent your life building up your business.
Nobody, least of all you, wants to see that hard work go to waste in the future.
The time to plan the future of your business after you are gone is while you still have the energy and strength of mind to make informed business decisions.
We can help you:
- Plan for retirement or an unexpected event in your business
- Create an enforceable business succession plan under Arizona law
- Avoid ownership or control disputes from family members or shareholders
Why a succession plan when you are not ready for retirement?
Whether you run a family business or other small or medium-sized private business, unforeseen events can mean that you must pass on its ownership or management without a clear plan.
This can lead to serious problems, including tax issues.
Planning ahead for this type of enforced transition, or even for a distant retirement, is a good practice that will avoid disputes and complications for those closest to you.
For exiting the business, you first have a choice whether to:
- Pass the business on to the next generation
- Sell the business to another individual (such as a business partner, key employee or child) or company
- Liquidate the assets
Each of these options presents legal challenges.
Together, we can consider your best options and, depending on what you decide, work on:
- Formulating a clear succession plan that puts the needs of family members first
- Ensuring business continuity during the transition
- An exit plan if your eventual wish is to sell
- Realistic business valuation for outside buyers
Most of this can be done years in advance of any transition, for peace of mind, asset protection, and simplicity when the time comes.
If the right time is now, we can also work on meeting the legal requirements for the transfer of ownership.
Business succession planning services
Business succession planning can be complex.
This is why it requires an experienced attorney with capabilities in the following areas:
- Business taxation issues
- Buy and sell agreements
- Share agreement issues
- Capital restructuring
- Successor issues
- Trust formation
Confusion or delays in any of these areas can mean that the business suffers during the transition period – often affecting the business owner’s family members.
At Phelps Estate Planning Law Firm, we have the legal background and the entrepreneurial and business experience to be able to assist you.
From your business to your personal estate…
As well as planning the succession of your business, there are many other concerns for business owners looking to protect their loved ones in the future.
Individuals with large estates may want to consider:
- Living trusts and wills
- Estate tax & asset preservation planning
- Charitable deduction planning
- Long-term care & Medicaid planning
- Retirement account trusts, asset protection trusts, or other types of trusts.
As an experienced business and estate planners, our firm completes all elements of a comprehensive plan that works for your future, your family’s future, and the future of your business.
We have appeared in:
Testimonials
When it was time to update our estate plan we turned to Kent Phelps. We were only two days away from an extended trip overseas and needed it done fast but done right – especially with a child who has special needs. Our documents were completed, signed, notarized and witnessed in a day! And we were confident it was done right because we had the help of an experienced attorney. So grateful to Kent for going above and beyond so we could enjoy our trip with peace of mind!
We had known for many years that we needed an estate plan but just never got around to doing it. Our son hired Kent Phelps to do his estate plan and encouraged us to contact Kent and get it done – so we did! We immediately felt like Kent “got” our unique family situation and knew just what to do. We wish we had done this sooner but what a great feeling it is to know that what we’ve worked so hard for all these years will be protected and go to the right people when it’s our time. We highly recommend Kent to anybody who needs an estate planning attorney.
Amazing In Every Way! Kent was amazing. He excelled in communication, and he was very understanding and listened to our unique situation. He explained everything in detail and was an amazing advocate for what we wanted to do. I would highly recommend him and his services.
We were looking for an estate planning attorney and were referred to Kent Phelps by a friend. We felt like he really listened to us as we talked about our family and business and what we wanted to accomplish. Kent took the time to help us understand how living trusts and LLC’s work and how they can help protect our family and property. The fixed fee approach was also very appealing to us. We were excited when we received our estate planning and LLC notebooks! Being able to have instructions in our trust that make sure our children receive what we leave them in a way that will truly help, rather than harm them has given us the peace of mind we were hoping for. So grateful we found Kent!
Mr. Phelps has provided exceptional work and advice. I have recommended many family and friends to Mr. Phelps because of his professionalism.
Kent’s unique perspective and focused expertise set him apart from his peers. His willingness to completely understand his client’s goals, and only then offer appropriate suggestions is refreshing. With an ability to take complex asset protection strategy and explain it in common context, it is easy to recommend him.
Mr. Phelps’s services have been used to handle some amendments to business documents following my divorce. The amendments were thorough and filed in a timely manner. While this was a simple transaction, I fully expect the same level of effort on complex transactions. I highly recommend Mr. Phelps for legal needs.
Kent has ideas and solutions that were very valuable to us. I have recommended Kent and his firm to many of my associates.
Kent is an exemplary advocate for his clients. It is an honor to have worked with him and witness his high ethical standards.
Upcoming Seminars
Peace of Mind Through Proper Estate Planning
Presented by Attorney Kent Phelps
Monday, March 16, 2020
6:30pm
Sullivans Steakhouse
1785 East River Road
Tucson, AZ 85718
(Dinner Served)
SEMINAR FULL - Call (833) 927-1031 to get on the wait listPeace of Mind Through Proper Estate Planning
Presented by Attorney Kent Phelps
Tuesday, March 24th, 2020
6:30pm
Sullivans Steakhouse
1785 East River Road
Tucson, AZ 85718
(Dinner Served)
SEMINAR POSTPONED DUE TO COVID-19 - Call (480) 771-0707 to be first in line for the reschedule!