If you own a small business, you have plenty to think about on a daily basis. However, have you considered what would happen to the business upon your death. If the business has been successful, you also likely have a considerable financial interest in the business. Without careful planning, the value of your financial interest in the business can be subject to either gift or estate taxes upon your death. Although there are numerous options that may be used to help reduce estate or gift taxes, … [Read more...] about Small Business Owners: Don’t Forget to Plan
Family Business Planning
Family Estate Planning Should Include the Family Business
If you own your own company, you know that running a business is a complicated venture that takes loads of planning time. Besides planning to grow and expand your business, you must also determine what will happen after your death. No Business Estate Plan If you don’t include your business in your estate plan, then it may not survive your death. If you have full or partial stake in a business, it will be considered a part of your estate upon your death. If you have not named someone to … [Read more...] about Family Estate Planning Should Include the Family Business
Is a Family Limited Partnership Right for Me?
If you are one of the millions of people for whom owning a family business is part of the American dream, and you are planning to make that dream a reality, you have a number of difficult decision ahead of you before your business can officially get off the ground. One of the most important of those decisions is the type of legal entity you want for your company. If you are certain you wish to keep the business in the family, a Family Limited Partnership might be right for you. We will explain … [Read more...] about Is a Family Limited Partnership Right for Me?
What Is Family and Business Succession Planning?
For many Americans, owning and operating a family business is part and parcel of the American Dream. If you count yourself among those people, you have undoubtedly invested a significant portion of your life and your savings into your business. Failure is not an option. With that in mind, you probably go to great lengths to protect your business from things such as theft, natural disasters, and even market slow-downs. What you may not have in place, however, is a plan to protect your business in … [Read more...] about What Is Family and Business Succession Planning?
Why Estate Planning for Family Farmers Is So Important
There was a time in the United States when family owned and operated farms supplied the majority of the food we ate. By the middle of the 20th century, however, massive conglomerates had taken over most of the farming and ranching operations in the U.S., all but putting an end to family run farms. In the first two decades of the 21st century though, family farms have made a significant comeback across America. If you own a family farm, comprehensive and thorough estate planning will play an … [Read more...] about Why Estate Planning for Family Farmers Is So Important
Why Irrevocable Trusts Protect Assets
Especially if you own a business or commercial property, asset protection can be a big concern for you. The possibility of legal claims and constant existence of creditors make it even more important to have an asset protection plan so that you don't run the risk of losing everything through some unexpected turn of events. There are different ways to legally protect your assets, including irrevocable trusts. Not every type of trust can accomplish proper asset protection. Here is why … [Read more...] about Why Irrevocable Trusts Protect Assets
Develop a Relationship with Your Estate Planning Attorney
Do you know the value of obtaining the advice of an estate planning attorney? Estate planning attorneys are there to guide you through the myriad of choices available in planning for the future. An experienced estate planning attorney can help you to fully understand how to make your wishes and goals for your family become a reality. If you have an estate planning attorney, you should develop a relationship with them because they probably have more to offer than you know. What is an estate … [Read more...] about Develop a Relationship with Your Estate Planning Attorney