Business & Farm Succession Planning
What is Business & Farm Succession Planning?
Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don’t know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at ‘fire sale’ prices. Then you will have worked hard all these years so that the vultures and Uncle Sam, not your family, will reap the benefits.
Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today’s market, the economy and trends are affecting the timing and value of business transfers.
Planning now to exit your company will result in you and your family receiving the best possible results, both now and after your retirement, disability or death. You can receive retirement income; you can transfer your business to your family, your employees or an outside buyer; you can make a difference for a charity or your community; and you can do all of this with reduced income, gift and estate taxes.
Elements of Succession Planning
Maintaining Family Interests
“Excellent service based on expert knowledge. Working with Corey was fantastic. My wife and I were setting up a new business, and needed to have a complete estate plan established. Corey not only covered the basics, but included important protections for our children’s future that I never would have thought of. He also made sure we understood how to use the information in order to update other assets like life insurance. I have recommended Corey to several of my friends, and will continue to do so without reservation.” – Tim (Belton, MO)
“I recommend Corey Rasmussen. Corey handled my Trusts matter. I have previously worked with 1-2 lawyers. Corey, was great. He went above and beyond my expectations. He came to our house to provide services (more than once). He was very patient and helpful to me. He actually sorted my mail related to our business! He was easy to talk to and explained things at a level that was understandable to us.” – Tammy (Lawrence, KS)
“Excellent Attorney for Wills and Trusts. Corey helped us revise and update our trust and wills. He showed great interest in us and was extremely thorough. Corey spent considerable time explaining the whole process. We believe he is an excellent attorney and would recommend him to anyone needing help revising or creating a trust.” – Connie (St. Joseph, MO)