This is an area that coincides with Estate Planning and is a substantial area of practice. Hurwitz & Fine, P.C. has represented many closely-held businesses, a significant segment of which are family businesses. The firm has developed successful strategies for its clients in matters involving succession planning, buy/sell agreements, deferred compensation plans, pension planning, and providing income for a surviving spouse.
The area of family business succession requires a knowledge of corporate law, estate and gift taxation, and perhaps above all, people skills. Many times an attorney is placed in a contentious situation where some members of the second generation are involved in a family business, and some are not. The question of how to be “fair” to all heirs frequently presents itself. Our attorneys are committed to developing and nurturing a close working relationship between attorney and client, and delivering these services in a cost efficient manner, considering tax effects.