Category: Business Succession
Government regulations usually have less impact than family relations. There are some big estate planning mistakes that farmers can make. It is best to be aware of them and avoid following in the footsteps of others, according to Ag Web in “5 Estate Planning Mistakes You Don’t Want To Make“. The current estate tax exemptions […]
An estate planning resolution can be beneficial to everyone. There are many possible New Year’s resolutions. However, a good one to consider may well be creating an estate plan or taking a fresh look at your current plan, according to the Grand Rapids Business Journal in “Incorporate estate planning into New Year’s resolutions“. Resolving to […]
A plan is needed to pass farm and ranch family operations from one generation to the next. The Nebraska Extension office has developed a number of resources to support farm and ranch families that do not have a succession plan, according to TheFencePost.com in “Extension helping Nebraska farm families plan for the future“. The article […]
While most estate plans have a good chance of success even if you do not inform your heirs of the details, the chances of success are greatly diminished if you are passing on a family business. If you own a family business, it is not only vital that you plan ahead for passing on the […]
When it comes to the business of family farming, there are special considerations to passing on assets to one’s heirs through estate planning. Farms generally do not only include land and crops but a pretty expensive tax liability from farm equipment, and they often lack liquid assets to pay taxes as Ohio’s County Journal and […]
Survivors are almost always emotional when dealing with the passing of a loved one, but if the deceased is a business owner it is important to limit the impact on businesses and operations. The drama that surrounds survivors after a death can affect businesses of all sizes from tiny Mom & Pop operations to large […]
It is impossible to know how events will play out, both on a grand scale and in small and unexpected ways. Last minute decisions, like those of the rock musicians who won seats in bets and then were killed in the Buddy Holly plane crash in 1959, are often said to be a function of […]
If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners. So, how can you avoid probate? Many small businesses have had problems with probate. In the worst cases, the problems have led to the end of the […]
Whether a family business is big or small, succession planning is important to avoid family feuding or damage to the business. Here are some tips for avoiding mistakes in succession planning. Will your business live on after you pass away? Many family businesses begin life as the dream of a driven founder who guides the […]
While some might think family-owned sports teams are more plagued than Boston was by the 86-year “Curse of the Bambino,” I encourage you to look past curses to investigate causes. Identify potential estate and financial planning challenges your business might face, and deal with them. You’ll have better odds your family ends up on the […]
