Proper planning eases family business transition
When the owners of a small, family-owned business decided it was time to develop and implement an effective succession plan, they called attorney Mark O'Donnell. The goal was simple: A smooth transition from one generation to the next with the least estate tax impact. Following the sudden passing of the business' founder, the legal team at O'Donnell Clark & Crew probated the founder's estate, established a marital bypass trust to reduce the tax impact and addressed the various corporate, real property and other issues- easing the burden on the family to the greatest extent possible during an extremely difficult time.