While it’s possible for people to manage some parts of their loved one’s estate, very often the tasks feel overwhelming. When getting assets out of probate becomes too much of a challenge, it’s time for help. There are instances when an executor knows they need to hire an attorney who…
It may sound whimsical, but the moment you open a business is also the time to start thinking about how you’ll exit the business, whether you intend to sell to a partner, leave the entire business to a family member or sell as soon as you come up with the…
Whether on the evening news or a serial drama, we love to watch the inner workings of family businesses—in large part because of the drama and the high likelihood of failure. The narrative of family dynasties is intriguing. According to the Yakima Herald in "Passing the baton: 6 challenges for…
The word is out in the estate planning bar that the IRS is looking at making an announcement this September about a favorite tax benefit gained from the use of family partnerships and LLCs. New regulations would effectively raise the taxable value of assets transferred into these entities, which currently…
Owners who are personally and emotionally involved in their businesses, including farming operations, often consider what will happen to their businesses, farms and business assets when they are no longer involved. Planning for the disposition of a business is different than estate planning. While many think they are the same…
Many business owners fear losing control. Before they’re willing to address exit or estate planning options, they must first be assured of complete dominion over their business. So let’s look at how to lock in ownership. Are you worried about losing control of your business? A recent Forbes article, “Control…
These two experiences taught me a lesson about family businesses. Making a family business a family legacy takes planning and preparation. While each family business has its own unique issues, there are some common strategies associated with succession planning. Sometimes, passing along your assets to the next generation is simply…