Farm Transfer & Business Succession Planning in League City
Preserve the Family Business With Help from The McNair Law Group, PLLC
A long-lived family business may not survive its original founder. However, Estate taxes can hinder the passing of family businesses down to the next generation. Beyond taxes, the expenses of settlement and probate fees can potentially reduce your legacy as an owner.
Our League City business & estate planning attorney is dedicated to assisting you in protecting your legacy and maintaining your foundation in the business you have built.
Our Business Succession Planning Strategies
Proper estate planning is important for all aspects of your life, and this includes your share of the family business. Fairly dividing your business assets among your family members can prove difficult.
Fortunately, many solutions exist to help secure your legacy. These include, but are not limited to:
- Business Buy-Sell Agreements (BSAs): These provide for the transfer of your business interest based on events stipulated within the contract. Events can include when the owner passes, is incapacitated, or retires.
- Cross-Purchase Buy-Sell Agreements: In this form of a BSA, business owners will agree to purchase the remaining interests when an owner dies.
- Wait-and-See Buy-Sell Agreements: This BSA model provides an entity an initial option to purchase interest before any other remaining business owner or owners.
- Entity Buy-Sell Agreements: The business as an entity would purchase the interest of an owner.
- One-Way Buy-Sell Agreements: In the event of a One-Way BSA, one business owner would have their interest purchased by a third party.
Selecting and funding the right type of BSA is crucial for a variety of reasons. Our succession planner can assist you with the resources to make the right choice for your family business.
How to Transfer Your Family Farm
Because equipment, animals, farm structures, and the land itself is worth thousands, if not millions of dollars, potential taxes will take from the most current value of the total of all of your farm’s assets, including these non-liquid sources. Heirs to a cash-poor farm, therefore, may be forced to sell the land or the entire farm itself just to pay taxes and other settlements.
Fortunately, there are options to transfer your family farm on to the next generation while equally distributing the assets among your farm heirs, according to your wishes. An attorney with experience in the issues of family farm estate planning can best help you.
The McNair Law Group, PLLC Helps You Find a Solution
Achieving your estate planning goals can be challenging. We can help preserve your legacy through advance planning and the right strategies to maintain maximum control over how ownership will pass on for your farm or business. Whether you need help with business succession or farm transfer and estate planning, we can help you.
Contact The McNair Law Group, PLLC today at (281) 784-3340 to schedule your initial consultation.