Succession Planning For Your Farm Or Business In Southeast Kansas
Succession planning for a family farm or business concern demands careful consideration of priorities (personal, financial and other), the legal issues involved and the options for achieving specific goals. And as with any type of estate planning need, now is always the best time to get started.
I’m Mark A. Werner, a business law and estate planning attorney who has been providing clients in southeast Kansas with practical solutions to the complex legal problems presented by farm and business succession planning for more than 30 years. I can do likewise for you. Just call my Pittsburg office and we’ll schedule a time and place to meet and get the conversation started.
Making It Happen The Way You Want
Whether it’s a farm or a business that you want to see carried on, the process starts with me, in my role as your lawyer, listening to you talk about the farm or business and what you want to see happen after you’ve passed or decided to step away. This will help us clarify what your goals and priorities are (i.e., what’s really important to you), which in turn will point the way toward the potential solutions that can effectively address them.
Some of the many different goals I’ve helped previous clients accomplish in this aspect of my estate planning practice include:
- Retaining business interests and farms within the family as going concerns
- Making sure the farm or business won’t burden the family with too much debt
- Providing compensation for nonparticipating family members
- Using IRAs, life insurance policies and other financial assets to finance acquisitions
- Preserving eligibility for agricultural programs and subsidies
- Reducing the size of the taxable estate to minimize federal estate taxes and Kansas estate taxes
- Minimizing the need for probate
- Employing tools and strategies to avoid probate altogether
- Accounting for business relationships with nonfamily employees and third-party business associates
Whatever the situation, I will talk to you about the legal options that are appropriate for your needs. Once you’ve made your decisions, I will carefully draft the required documents. I will also be available to continue working with you afterward so that if or when your wishes or circumstances change, I can make the necessary adjustments to your succession plan.
Contact The Law Office of Mark A. Werner
Succession planning for a farm or business can be complicated, but it doesn’t have to be overly difficult or expensive. To learn more about how I can help you get the peace of mind that comes from doing this, call my office in Pittsburg at 620-206-4082 or complete this brief email contact form.