Taft Stettinius & Hollister LLP

  • Established in 1885
  • Firm Size 378
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Business Succession Planning

Attorneys in Taft’s Business Succession Planning practice counsel owners of closely-held businesses of all sizes in establishing organizational structures to satisfy their current and long-term needs, to plan for the transfer of the business to the next generation (whether during the owner's lifetime or upon death), to implement such strategies, and to provide for liquidity for taxes and family members not active in the business. Good planning can reduce estate tax exposure and help provide liquidity if taxes will be due. Planning also can ease possible conflicting interests among family members that can threaten the long-term survival of what is often an entrepreneur's most prized asset.

The Business Succession Planning practice draws on the expertise of attorneys from the firm's estate planning and tax practices, business and finance and real estate practices, and labor and employment practice to design and implement succession plans.

Services that we provide include:

  • Selecting the most advantageous entity to hold, manage, and transfer the family business, such as S and C corporations, limited liability companies and partnerships.
  • Designing a structure to accomplish the owner's specific goals (such as maintaining control, raising capital, avoiding outside owners and providing for a smooth transition in ownership and management).
  • Establishing a comprehensive estate plan that takes advantage of all available tax credits and exclusions.
  • Using family limited partnerships and other mechanisms for transferring equity while maintaining control and deferring or avoiding tax.
  • Analyzing liquidity needs to fund buyouts upon retirement, death or disability and to pay taxes.
  • Using life insurance and other assets to equalize the inheritances of children who will not be significant owners of the business with those who will own the business.
  • Planning for retention of key employees who are not family members.
  • Designing employment policies to facilitate compliance with applicable laws and to further promote the owner's business objectives.
  • Assisting the owner in balancing the diverse interests and needs of different generations and in resolving intra-family conflicts.
  • Preparing prenuptial and postnuptial agreements and providing advice in connection with the dissolution of a marriage or divorce in order to protect business interests and preserve family wealth.
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Peer Reviews

4.7/5.0 (419 reviews)
  • Legal Knowledge

    4.7/5.0
  • Analytical Capability

    4.7/5.0
  • Judgment

    4.7/5.0
  • Communication

    4.8/5.0
  • Legal Experience

    4.7/5.0
  • 5.0/5.0 Review for Brian Weinthal by a Other Legal Professional on 11/16/15 in Litigation

    Brian is as pro-active as he is brilliant. He is an astute legal thinker and a devoted advocate who earns the respect of colleagues and adversaries.

  • 5.0/5.0 Review for Ryan White by a Partner on 07/19/14 in Intellectual Property

    A very hard worker who zealously represents his clients. Very high level of knowledge and skill that he applies in creative ways to exceed the expectations of his clients.

Peer reviews submitted prior to 2008 are not displayed.

Client Reviews Write a Review

Diversity

embracing the benefits of many perspectives.

At Taft, we are committed to creating an inclusive culture of individuals from diverse backgrounds.  This commitment allows us to fulfill our primary mission—serving our clients to the highest standards of professional excellence.  But a diverse culture benefits our professionals as well:  it fosters teamwork and opportunities for professional growth and personal satisfaction. 

Taft gives fair and equal treatment to all employees and applicants for employment regardless of race, gender, color, ancestry, religion or creed, age, national origin, disability, marital or civil union status, familial status, veteran status, or sexual orientation.  More than that, Taft actively seeks to hire and promote diverse, talented professionals. 

The following examples highlight Taft’s efforts to foster diversity in the firm:

  • Recruitment.  Taft participates in and sponsors internships and clerkships that provide substantive legal experience to women, law students of color and law students from a variety of diverse backgrounds.  Taft actively recruits these individuals by working collaboratively with student organizations and attending job fairs, conferences and workshops. 
  • Retention.  Retention of our attorneys is a key element of the firm’s long-term success.  We nurture well-rounded professionals from a variety of backgrounds through mentoring, training and professional development programs.  Beyond just retaining valued members of our team, we seek to provide them with the skills to enable them to continue to grow as attorneys.
  • Work and life balance.  Taft recognizes that a healthy balance between a professional's work and private life is essential to lasting success, for both the individual and the firm.  Taft offers alternative work-scheduling programs, remote access, flexible hours and countless opportunities for meaningful community involvement both within and outside of Taft.
  • Promotion and leadership.  Taft is proud that 60% of its new partners in the last four years were women.  Diverse professionals  also are involved in firm leadership and actively participate in recruiting and mentoring.

These examples provide a clear perspective on Taft’s commitment to its diversity mission.  And while Taft has made great strides in improving its diversity, we constantly strive to find new and better ways to promote diversity as a meaningful part of the way we do business.

Thomas Terp
Chairman of the Executive Committee and Managing Partner

Taft Stettinius & Hollister LLP

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