The Artis Law Firm

A Professional Law Corporation

Client Vault
(818) 532-5599
Best Probate Attorneys in Glendale

A California Estate Planning & Trust Information Center

  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Review Us
  • Trust & Probate
    • Trust Administration & Probate
    • Probate & Estate Planning Savings Calculator
  • Estate Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Special Needs Planning
    • Secure Act
  • Medi-Cal Planning
    • Crisis Medi-Cal & Nursing Home Planning
    • Elder Law and Medi-Cal Services
  • Other Services
    • Asset Protection & Business Planning
    • Family-Owned Businesses
  • Workshops
  • Resources
    • Blog
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
        • Loss of a Loved One
          • How to Know if You Need Extra Help With Your Grieving
        • Things You Need To Do When a Loved One Passes Away With a Trust
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Community Resources
    • Newsletters
    • Special Needs Resources
  • Contact Us

Family-Owned Businesses

Family business owners, farmers, ranchers and landowners face unique challenges surrounding how to preserve the family business or farm—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.

However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Probate fees and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs.

Land Rich, Cash Poor

The typical farm family is land rich, cash poor. With hundreds of thousands, if not millions, of dollars locked up in equipment, livestock, structures and land, the net worth may be impressive. But when you look at the cash flow, it’s another story entirely.

Estate taxes will be based on the current market value of all your assets. If your heirs can’t readily come up with the cash from other sources, they may have no recourse but to sell the farm just to pay estate taxes and other settlement costs.

Estate Planning Solutions

Your farm or business poses two estate planning challenges:

  1. How can you preserve it so that you can pass it on intact to the next generation
  2. How will you equitably distribute it among your heirs?

Achieving these two goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your farm transfers. Contact our office for more information about your options.

Also be sure to read more about Business Planning and Asset Protection strategies here.

The Artis Law Firm

The Artis Law Firm

Office Address

The Artis Law Firm
450 North Brand Blvd. Suite 600
Glendale, CA 91203
Phone: (818) 532-5599

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

map

Connect with us

  • Facebook
  • LinkedIn
  • Twitter
Artis-logo

© 2023 American Academy of Estate Planning Attorneys, Inc. Privacy Policy || Disclaimer || Sitemap