Family-Owned Businesses & Farms
Family owned businesses and family owned farms must be protected. For generations, families have worked together to grow food and to provide products and services that enrich everyone’s quality of life. Unfortunately, a single lawsuit or a death without an estate plan in place could put an end to a way of life by forcing a business or a farm to be sold. You want to ensure that your company or your family’s farm is protected and secure–and that means getting help from a Dallas, TX estate planning lawyer.
Family owned businesses and family owned farms can be valuable, and you are vulnerable to loss both during the course of your life and after a death when the company or farm passes to new hands. Vermillion Law Firm, LLC will help you to take all affirmative steps and to use every legal tool to protect the family legacy that you and your loved ones have grown together. Give us a call to get personalized legal advice on how we can assist you and to get answers to key questions including:
- Why is it important to take steps to protect a family owned business and farm?
- How can I protect my family owned business or my family owned farm in Texas?
- How can a Texas estate planning lawyer help me?
Why is it Important to Protect a Family Owned Business and Farm?
A family owned business or a farm should stay in the family. You want to be able to make your company or farm a success over the course of your life and you want to ensure it can be handed down to your children. You need to take steps to make sure that all of this is possible.
You need to protect your family owned business or farm from being lost to creditors; lost due to a lawsuit judgment; lost due to a divorce; or lost due to mismanagement by heirs. There are many different ways you can keep your company and your farmland secure with the help of a lawyer who understands Texas laws. It is up to you to take the step of realizing you are vulnerable to loss in case of a death or litigation and to get the assistance you need to keep your company and land secure.
How Can I protect a Family Owned Business or Texas Family Farm?
Protecting a Texas family-owned farm or a family-owned business is going to require a careful assessment of the risks you face as well as the effective use of legal tools to minimize and eliminate those risks. Some of the different options that you will need to consider to get the protection that you want for your legacy include:
- The creation of trusts. You can transfer ownership of land or property into a trust so you are no longer the legal owner. Creating the right type of trust can shield your assets from many different kinds of financial loss. For example, you can avoid having to spend down money or sell property before qualifying for Medicaid to pay for your nursing home care.
- Choosing the right business structure. How you own your business is going to make a big difference if a lawsuit occurs or if something goes wrong. The type of business entity you choose can also have a profound impact on the way in which profits are taxed.
- Protecting your property or company from divorce. When your own marriage ends, or the marriage of an heir ends, you don’t want fighting over who controls the company or who keeps the family farm. The use of prenuptial agreements and the careful structuring of ownership can ensure your company and land stay in your family’s hands no matter what.
- Protecting your farm or family business in case of death or incapacity. You’ll need to make sure the farm or company is properly managed; that it is clear who inherits; and that the process of transferring the farm or company is seamless without an interruption to operations. You’ll also want to minimize or avoid estate taxes so no land or assets need to be sold to generate enough money to pay the government.
There may be many steps you need to take which are specific to your situation, so you should consult with Vermillion Law Firm, LLC to get personalized advice on protecting your farm or family business.
How can a Texas Estate Planning Lawyer Help Me?
At Vermillion Law Firm, LLC, we are passionate about helping business owners and farmers to protect what they have built with their own hands and their own hard work. We’ll make sure we assist you in using every legal tool to keep your farm and company secure. Give us a call at (888)-567-5745 to learn more.