In 2006, attorneys in the firm’s Tax, Trusts & Estates Department represented a well-known entertainment and recreation company in New Jersey, and its principals, in connection with the company’s corporate and tax planning and its principals’ estate planning.

 The company is comprised of multiple entities owned primarily by three brothers and their respective families.  Not only was estate planning for the senior owners implemented by the Department’s attorneys to take advantage of all of the available sophisticated estate and gift tax transfer techniques for the benefit of their heirs, but significant corporate work was undertaken to simplify the company structure, and make it more efficient from an operational standpoint.

One of the main goals was to provide the business owners with a seamless succession of the company’s business upon the death, disability or retirement of one of the senior level owners.  The attorneys were involved in the drafting and finalizing of the company’s new buy/sell agreement which addressed many issues, including permitted transfers to active children, management when only one principal owner remained and a buy-out if there are no active children.

As a result of our representation, the company is poised to continue its growth, and not be adversely impacted by the death, disability or retirement of any of its senior-level owners.