Inheritance, corporate succession, foundations
In many companies, matters of succession planning will need to be addressed in the next few years. Büsing Müffelmann & Theye develops and designs integrated concepts in collaboration with the entrepreneur and the designated successors. In that respect, our advice is focused on handing over the business to the next generation, within the family. In many cases, we have already been familiar with the circumstances for many years. We have been involved in the acquisition of the company or its being taken over from previous generations. Today we advise owners on involving their sons and daughters in the corporate succession.
However, passing the company within the family does not always go seamlessly. In cases where alternative provisions need to be created, Büsing Müffelmann & Theye devises either internal or external company succession solutions in collaboration with its clients. Such arrangements may, for example, include previous senior executives being made shareholders in the company, at the same time resolving any fiscal questions arising in that context. In every case, our lawyers provide integrated advice when the shareholder structure is reorganised due to the provisions of the partnership or shareholders' agreement or the memorandum and articles of association (MAA) being amended, which may also cause the establishment of a constitution of an advisory or supervisory board or also the setting up of a family trust to appear expedient.
Developing succession concepts
BMT has decades-long experience in the fields of partnership and company law and corporate tax law. Our advice crosslinks questions of inheritance law, commercial law, family law and company law. Such an interdisciplinary practice enables us to develop complex strategies or customized strategies for corporate succession.
In order to ensure the continuity of the company as a going concern, besides the matters concerning the future structure of the company, problems relating to capacity to act and the economic continuity of the company need to be looked into. An optimisation of the tax burden accompanying the transfer is of major significance in such a context.
Furthermore, there are also frequently emotional questions involved for the entrepreneur and his or her family, i.e. problems of a more private nature, within the scope of corporate succession. Based on a large number of succession plans successfully developed by Büsing Müffelmann & Theye, we design solutions in collaboration with you that bring your personal wishes into line with the core legal and economic issues. For example, our advice also includes the following: Measures relating to anticipated inheritance, developing strategies to avoid inheritance conflicts, drafting marriage contracts and family constitutions.
Inheritance law, asset succession
We have a great deal of experience in the field of inheritance law. Büsing Müffelmann & Theye draws up both entrepreneurial wills and dispositions of property upon death for owners of private assets. In that regard, our advisory practice is not limited to inheritance law aspects; we also secure solutions designed by us against consequences that often arise in inheritance cases due to inheritance tax and tax on earnings.
In so far as they are expedient and have a long-term focus, corporate succession arrangements under inheritance law may involve many different measures. For example, the adaptation of company structures, the subsequent amendment or conclusion of marriage contracts or the reallocation of assets. BMT advises entrepreneurs, entrepreneurial families and private individuals on such matters, spanning the various legal fields. We prepare last wills and testamentary contracts (dispositions of property upon death), and, as notaries public, notarise such instruments.
Advice on foundations and trusts
When it comes to planning our clients' succession matters, this may involve setting up a company foundation, family trust or charitable trust. BMT advises in regard to planning and implements the respective plans by designing the foundation’s articles of association in an expedient manner. We assist in obtaining official recognition of the foundation, and continue to be involved with the foundation, if desired, also beyond the initial stages.
Customised solutions. Worldwide.
In the cases in which no suitable corporate successor is available, we advise our clients in the matter of disposing of the company (an asset deal) or shares in the latter (a share deal). We work out the ideal fiscal solution, whether for the selling entrepreneur or the one acquiring the shares or assets. In this respect, if necessary we also fall back upon our network resources. Such a cross-linked service is always required if assets are interlocked with one another across various different countries.
In the private sphere, considerable savings can be made in inheritance tax as is the case with regard to corporate succession planning, if the assets are carefully structured, if applicable also across borders. The latter necessitates considering civil and fiscal law issues of the relevant countries. And, in addition, it also requires forward-looking planning, for instance in the case of relocations.
BMT is also available to provide advice once an inheritance case has occurred. Lawyers of our firm are represented on supervisory boards, advisory boards and governing boards of foundations, and in addition get involved in our clients' concerns as experienced executors.