Category: Family Business
Shortcutting the process can save money now. However, it will be costly later and cause problems for heirs. Trying to work around estate planning with limited knowledge can often create more problems than it solves, according to My San Antonio in the article “Estate planning workaround idea needs work“. The article concerns a rancher who […]
Tax liabilities can lead to a severe financial misstep. If you are likely to inherit the family farm, it would be wise to pay especially close attention to your estate planning attorney and CPA, according to Capital Press in “The family farm is coming to you: What’s next?“. If you receive the property as a […]
Women should consider how to care for loved ones through an estate plan as well as themselves. Women live approximately 4.9 years longer than men. That fact should be considered in estate planning, according to the Boca Newspaper in “Smart Tips for Women: Estate Planning“. If you plan carefully, wishes for the distribution of your […]
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 […]
Are one or more of the potential heirs considering or have no interest in the farm? There are three steps. When a farmer passes away, one, all or none of the children may have an interest in the farm. That makes planning seem difficult. However, in reality there are only three steps to consider, according to […]
Value of shares in a private company can more easily be lost because of the time factor. Shares in most public companies can be sold quickly and easily. However, if you leave your heirs shares in a family business, it can be more difficult because money can more easily be lost, according to the Wills, Trusts […]
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 […]
An estate plan is really important when it comes to keeping the family ranch in the family and it really doesn’t have to be complicated. Keeping the ranch in the family can be simple if you have a good estate plan and the estate plan doesn’t have to be difficult if you break it down […]
The owners of a family business sometimes attempt creative ways to protect the business from a divorce within the family but those plans can backfire. The owner of a pizza parlor chain in New York chose to leave her estate to her daughter, cutting her son completely out of the will. She supposedly did this […]
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 […]
