Our Living Trust with its buy/sell agreement provided a sensible solution for transferring our family farm to our son and still kept our non-farm heirs happy.
Business Succession Planning
Business ownership encompasses a wide variety of unique considerations to prepare for the time when the owner(s) may not wish, or be able to, continue active involvement.
Business succession planning involves strategic choices in disability and life insurance, establishing a timetable, and possibly funding training and buyout options for a successor with a smooth transfer of ownership.
If a business owner unexpectedly becomes inactive, several things can happen that need to be managed to guide the future of the business entity.
Family Farm & Business Estate Planning
We’ll help you navigate the complexities of estate and gift taxes. These may influence your choices for assuring business stability when it comes time to pass your business to the next generation.
Family business and farm estate planning involves potential liquidation or transfer of assets, transfer of registrations, permits, licenses, and business names, resolution of debts and taxes, and compliance with employment and labor laws
In addition, things change over time that may affect an established plan. Successful family business estate planning requires regular review to ensure that your assets will transfer in accordance with your wishes.
Business entity type determines tax, liability, and ownership transfer options. We help our clients navigate the choices and implications of each one.
Business formation includes guidance in selecting your business structure, registration of business and trade names and general tax law.