Family owned businesses and farms are built to last for generations. You can hand down all you have worked for and make your company or your farmland your own child’s legacy. To do this, however, you need to have a plan to ensure that your farm and your company are protected if something happens to you, as well as a plan for what happens to the farm or business after your death.
A Geneseo, IL asset protection lawyer can help the owners of farms and family businesses. We will work hard to make sure that the company you have built or the farm that has been in your family for generations can continue to thrive even after you are no longer there to serve as its guardian. Call Nash Nash Bean & Ford, LLP today at 800-644-5345 for personalized advice on protecting your farm or business and to get answers to questions including:
- Why do you need help protecting your family-owned business and farm?
- What steps should you take to protect your farm or your company?
- How can a Geneseo asset protection lawyer help protect your Illinois farm or family business?
Why Do You Need Help Protecting a Farm or Family Business?
Whenever you own something valuable, there are risks it could be lost. You could suffer losses due to a lawsuit, divorce, or mismanagement. If you need to go into a nursing home, you could also end up being forced to sell assets or property because bills for nursing care are so high. These routine risks are faced by anyone with something that is worth a substantial amount of money.
With a family farm or business, however, there are also risks because these are special types of assets which you usually hand down to the next generation upon your death or when you can no longer manage operations on your own. Estate taxes could chip away at the value, and your heirs could even be forced to sell farmland or company assets because of high estate taxes they do not have the cash to pay.
You do not want your farm or your company to be at risk either during your life or when you pass it down to the next generation. To protect the land and the company, you need to make full and effective use of asset protection tools.
What Steps Should You Take to Protect Your Company?
When protecting a business or farm, you must identify the specific risks you wish to protect against. For example, business owners must be concerned not only with the potential loss of company assets but also with the fact they could be personally sued and lose their own personal assets if they have not structured the company properly and something goes wrong. For many business owners, incorporation makes the most sense to get the maximum in liability protection and to also facilitate the easier transfer of ownership of the company in the future.
There are a wide variety of different legal tools which help to protect companies or farms, and an attorney can help you to determine which of these tools is going to address the biggest risks you face. Options could include:
- Buy/sell agreements to control who has company ownership, and how ownership is transferred, if any co-owner needs to leave the company.
- Trusts to strategically structure the ownership of a company or a farm. Trusts are useful in estate tax reduction or avoidance; in facilitating the transfer of assets more quickly outside probate; and in protecting assets in case heirs get divorced or go bankrupt.
- A power of attorney. This allows you to dictate who will serve as an agent and manage company operations or farm operations if you become incapacitated. You can also use living trusts to serve a similar purpose.
These are just a few of the possible legal tools which are effective in protecting farms and family businesses. An attorney should evaluate your situation and provide advice on the best options available to you.
How can a Geneseo Asset Protection Lawyer Help You?
Nash Nash Bean & Ford, LLP provides invaluable assistance to clients throughout Geneseo, IL and surrounding areas who own companies or who have family farmland. We know that protecting your legacy is your top priority and we will help to arm you with the tools you need to ensure your business and land can pass down through the generations. Give us a call at 800-644-5345 or contact us online to learn more about how we can help you.