Family-Owned Businesses & Farms
Learn more about the various planning options that MVP Law Group can provide. Contact us today for a Free Consultation to learn more!
FAMILY OWNED BUSINESSES & FARMS
If you have a family business or family farm, and you wish to keep the business within your family, there are many legal practices you can utilize to achieve this goal. With careful planning, family businesses can stay up and running and be protected from large, unexpected tax liabilities.
There are many costs that can occur when a business transitions to the next generation. Estate taxes can be a major cost. In addition, probate fees and other settlement costs can reduce the value of an inherited business. These costs can have a higher impact on family farms, as most enterprises are land-rich, but cash-poor, with the equity tied up in the farmland.
The following are some essential steps a family-owned business should review with an estate planning attorney so that a proper plan can be implemented.
Review your current Will
Develop a financial plan to reduce taxes
Sort out family dynamics for the family-owned business
Draft a buy-sell agreement for all relevant parties
Create a Succession Plan
Review with all relevant parties
Update your Estate Plan
Achieving your goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your family business or farm transfers. Contact our office for more information about your options.
How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.