Top-Nav

Arranging family business affairs

In a family owned and operated business retiring parents decided to transfer their interest in the business to one of their sons who helped manage it.

Situation

In a family owned and operated business retiring parents decided to transfer their interest in the business to one of their sons who helped manage it.

However, they also wanted to ensure that on their passing, all their children would benefit equally.

This involved sensitive personal issues, as well as complex commercial and tax matters.

Strategy

With permission from the parents Marriott Oliver communicated with all family members to ensure everyone understood the new arrangements and how this would impact each individual.

We also worked closely with the family accountants to ensure a coordinated and comprehensive approach to immediate transfer of control to the son, and preparation of an estate plan which reflected the parents’ wishes.

Success

This coordinated and strategic approach made certain all arrangements were quickly and smoothly managed with minimal cost and inconvenience to the family. Each family member thoroughly understands and is satisfied with the arrangements so future disputes are unlikely to arise.