If you own or help run a closely held company, you may be asking what would happen to the business if you retire, step back suddenly, or pass away. Questions about who will control the company, how family will be treated, and how Virginia probate fits in are common and understandable.
At Johnson, Gasink & Baxter, LLP, we help business owners connect daily decisions about their companies with long term estate and legacy planning. From our offices in Richmond and other Virginia locations, we work with owners, partners, and families who want clear, practical guidance that protects both the business and the people who depend on it.
Our Richmond business law attorneys focus on estate planning and probate across Virginia and have spent decades working with clients who own or manage businesses. We avoid legal jargon whenever possible and explain your options in plain language so you can make decisions with confidence.
Looking for guidance from a Richmond business law lawyer to align your business and estate plan the right way? Call Johnson, Gasink & Baxter, LLP today at (888) 487-9899 or contact us online to learn more!
How Business & Estate Planning Connect
Many owners think of business law in Richmond and personal estate planning as separate topics. In reality, your operating agreement, shareholder agreement, or membership interests sit side by side with your will and trusts. Together, these documents help determine who can vote, who can manage, and who will eventually own your company.
When an owner dies or becomes incapacitated, Virginia law generally looks to the governing business documents and the estate planning instruments, and then to any probate proceedings in the appropriate circuit court. If those pieces do not work together, surviving owners and family members may face confusion about who has authority to act for the business.
We regularly work with clients whose companies range from small family firms to more complex entities. Our team brings more than half a century of combined experience in estate planning and probate, and we use that background to help owners align business governance with personal planning. Our goal is to reduce surprises and give you a structure that reflects your real intentions.
For many clients, this may include coordinating buy sell provisions, transfer restrictions, and management rights with the way their trusts and wills divide assets. For others, it may involve clarifying how non family partners and family beneficiaries interact after an ownership change. In every case, we listen carefully first, then discuss legal tools that match your objectives.
Planning Ahead For Your Business
If you still have time to plan, you are in a strong position. Thoughtful business succession work can protect your company, support your family, and lower the risk of disputes. It can also give employees and key partners more confidence about how leadership transitions will be handled.
We often begin by asking practical questions. Who should own voting interests over time, and who should manage day to day decisions. Do you want family members in control, or would it be better for certain partners or managers to lead while family receives economic benefits. Are there trusted individuals who could step into leadership roles if something unexpected happens.
Once we understand your goals, we talk through planning tools in straightforward terms. These can include coordinated operating or shareholder agreements, clearly drafted buy sell provisions, and estate planning for business owners that addresses how interests pass through wills or trusts. We explain how each option works and what it would mean for your specific situation.
Before or during a planning meeting, it can help to think about:
Who you want to own and control the business in five, ten, and twenty years
Which family members, if any, should have a role in management or voting
How important it is to keep the company in the family over the long term
Whether insurance or other funding might be needed for buyouts or taxes
How you would want disputes between owners or heirs to be resolved
Planning is not a one time event. Ownership structures, tax rules, and family circumstances often change. Our TrustGuard service is designed to provide ongoing management and updates to your estate plan as life evolves. For many business owners, this means their planning documents are reviewed regularly so that changes in the company or family are reflected in their overall strategy.
We strive to make this process as clear as possible. We break decisions into manageable steps, review your existing documents, and help you see how everything fits together. Our aim is to give you a plan that feels understandable and workable, not a stack of papers that you are unsure how to use.
Responding When A Change Already Happened
Sometimes planning comes after a major change instead of before it. You may be handling the estate of an owner who has already passed away, or working with other partners to keep the company running after a sudden incapacity. These situations are often stressful, and it can be difficult to know where to begin.
When a Virginia resident dies, an estate is typically opened in the circuit court for the city or county where they lived, such as the Circuit Court of the City of Richmond. If the person owned interests in a closely held business, those interests usually become part of the estate or trust, subject to any transfer restrictions or agreements that apply.
Questions may arise about who can sign for the business, how votes should be cast, and whether heirs can request distributions or a buyout. Disagreements can surface between surviving owners and family members, particularly if documents are unclear or out of date. Our attorneys work with executors, trustees, and surviving partners to interpret existing documents and understand what steps the law allows or requires.
In the first weeks after an ownership change, it can be helpful to:
Gather key business documents, such as operating agreements and shareholder agreements
Locate wills, trusts, and any beneficiary designations for the deceased or incapacitated owner
Identify who is serving as executor, administrator, or trustee for the estate
Clarify immediate business needs, such as signing authority and payroll
Schedule time with counsel to review the combined business and estate picture
We understand that in these moments, you may simply want the business to keep operating and the family to be treated fairly. With offices in Richmond and other parts of Virginia, we are positioned to work with clients who need both probate guidance and practical help with the impact on a company. We strive to explain options in clear terms so that you can move forward with greater certainty.
How Our Richmond Business Law Attorneys Work With Owners
For many business owners and fiduciaries, the hardest part is taking the first step to talk with an attorney. You may worry that you will be overwhelmed with legal terms or face unexpected costs. Our approach is to make that first conversation as straightforward and informative as possible.
In an initial meeting, we typically begin by listening. We ask you to describe your business, your family or partner relationships, and your main concerns. We then review any existing documents you wish to share and outline the key questions that need answers. Our attorneys explain potential paths in everyday language so you can see the choices in front of you.
Communication and transparency are central to how we work. We strive to keep you informed about the progress of your matter and to answer your questions promptly. Our billing practices are designed to be clear and predictable, and we discuss fee structures with you before significant work begins so that expectations are aligned.
Clients also look for reassurance that they are working with a capable legal team. Our attorneys have been recognized by Super Lawyers, and one holds an Avvo Rating of 10.0 in estate planning. These credentials, combined with our long track record in Virginia and our focus on estate and probate matters, reflect our commitment to serving business owners and families with care and professionalism.
We meet clients in our Richmond office and in other Virginia locations by appointment when that is more convenient. Whether you are planning ahead, revisiting older documents, or dealing with a recent loss or transition, we work to provide steady guidance that respects your time and priorities.
Contact Our Richmond Business Law Attorney Today
Aligning your company’s legal structure with your estate planning can protect the business you built and the people you care about. Thoughtful planning can reduce conflict, support smoother transitions, and give you greater peace of mind about the future.
At Johnson, Gasink & Baxter, LLP, we work with business owners, partners, and fiduciaries in this part of Virginia to connect business law in Richmond with practical estate and probate guidance. When you contact us, our goal is to listen carefully, review your situation, and outline clear options, not to pressure you into decisions before you are ready.
To discuss your business and estate planning needs or to ask specific questions about a recent change, we invite you to call our Richmond office and schedule a time to talk with our team.
Do I need separate lawyers for my business and my estate?
You do not always need separate lawyers. Many owners prefer coordinated advice that addresses both business structures and personal planning. Our firm focuses on estate planning and probate and regularly works with business owners to connect these areas so documents support the same goals.
What happens to my company if I die without a plan?
If you die without a coordinated plan, Virginia law and your business documents largely control who inherits and who manages. This can create uncertainty for family and partners. We help review those documents and explain how probate and ownership transfers are likely to unfold.
How often should I update my business planning documents?
Many owners review business and estate documents every few years or after major events, such as a sale, marriage, divorce, or birth of a child. Through our TrustGuard service, we work with clients who want ongoing reviews so changes in life and law are reflected in their plans.
Can you help if an owner has already passed away?
Yes, we work with executors, trustees, and surviving partners after an owner’s death. Our role is to interpret existing documents, explain how Virginia probate affects business interests, and help decision makers understand lawful options for managing or transferring the company.
What should I bring to our first meeting?
It helps to bring any current wills, trusts, operating agreements, shareholder agreements, and buy sell documents. A brief summary of the business, ownership percentages, and your main questions is also useful. We will guide you through what is most important to review first.
Straight-forward and relatable legal counsel that you can understand from start to finish.
Your Legacy, Handled with Care
We offer confidential consultations and can discuss your estate plan in full.
Continuous Care for Your Estate Plan
Our TrustGuard™ service allows you to make and maintain up-to-date estate plans.
50+ Years of Legal Insight, On Your Side
We use more than a half-century combined experience to your benefit.
“We have confidence in Jeremy's support of us in the future.”
We had felt a need to overhaul our existng estate plan and, based on very favorable published reviews, we switched over to Johnson, Gasink & Baxter. The initial presentation and thoroughness was very clear and we felt very comfortable with Jeremy Johnson. He took pains to ensure we understood the details while, at the same time, showing understanding and empathy with our personal family situation. Jeremy's follow up review of the finished plan followed quickly and, as before was conducted in a friendly and cordial manner. We have confidence in Jeremy's support of us in the future.
M. L.
“I highly recommend!”
We had a wonderful experience here! Attorney Michael Hendricks made the difficult estate planning very simple for us and helped us through each step. I highly recommend!
D.R.
“Very knowledgeable and happy to answer all of our questions”
Very knowledgeable and happy to answer all of our questions. Made the trust planning process very easy for us and very friendly.
D.T.
“Mr. Baxter was both amiable and professional”
Our very trusted financial advisor gave us the name of this firm when we asked for estate planning help. Mr. Baxter was both amiable and professional, getting to the point when we asked each of our questions, but in such a way we felt we could ask further questions and bounce ideas around before settling on a plan. The support staff was equally helpful, leaving an overall impression of across the board focus on our needs, as well as very friendly follow through. They supplied us with a very thorough binder as well as all files in PDF form so that we can supply parties involved in either paper copies or digital files easily.
