Estate Planning for Family-Owned Businesses and Farms in Brooklyn New York
Families who own businesses or real estate often face some fairly challenging estate planning issues. When dealing with family businesses, you might have a large asset that your estate plan has to address, but it’s not simply one you can give away like you would with, for example, a lot of money in a bank account. Determining the best strategy to use when contemplating how you want your family owned business handled after you are gone has to be an essential piece of the estate planning process for business owners.
Family Business Planning
When dealing with a family-owned business or real estate, estate plans will have to address some fairly unique issues and questions.
- Business Succession. Do you want to pass your family-owned business to the next generation? What steps can you take to make sure this happens? Who will you want to run the business after you’re gone, or become incapacitated? How can you make sure that your decision will sit well with your entire family, and won’t lead to family conflicts?
- Closing the Business. On the other hand, if you don’t want your family members to take over the business, or do not believe anyone is willing to do so, what options are left? Can you sell the business? If so, can you find a buyer who will be able to give you a fair price? After selling the business, how will you choose to distribute the proceeds? If you want to leave them as inheritances, what is the best way of going about doing this?
- Financial Planning. Regardless of your final decision about what you want to happen to your business, will you be able to ensure that your business will be around long enough? If your business is asset rich but cash poor, what steps can you take to create a positive cash flow? If you can’t develop a cash flow, what does that mean for your heirs?
There can be multiple answers to each of the questions you face when you consider family business succession planning. Determining what’s possible, and making the decision that best fits your circumstances and desires, is what family business planning is all about.
Estate Planning for Family-Owned Businesses and Farms in Brooklyn Advice and Guidance
At the Minko Law Office, we have a lot of experience helping our clients who have family-owned businesses and property and we deal with the complex estate planning issues surrounding them. Whether you have a business that has been in your family for generations, or it’s a new business you want to protect, we can help you accomplish your goals.
Unfortunately, we can do nothing for you if you don’t take the initiative and choose to act. Only by contacting us to schedule an appointment to come speak to us about your concerns will we be able to help you craft a plan that will meet your needs.