If you are the owner of a family owned business or farm, Lee Law Office is here to help you to protect the company or land that should become your legacy. You likely want to hand down your business and farm to the next generation, which means you need to take steps to mitigate against threats and potential sources of loss that could make the continuation of your farming or company operations impossible.
Lee Law Office knows how to help you work within the legal system to protect your business and your farmland. We can work with you to discuss your goals for what should happen to the company or the farm during your life and after your death and can help you to effectively use legal tools to put the right plans in place for a secure future. Give us a call today to find out how a Richmond family farm and family business lawyer can help you and to get answers to questions you may have including:
- What are some risks to my business and my farm?
- What can I do to protect my company and my land?
- How can a Richmond family business and family farm lawyer help me?’
What are Some Risks to Your Business and Your Farm?
When you own a business or a farm, the land your farm is on or the company’s assets and brand identity are likely very valuable assets. This makes the assets vulnerable. If someone sues you or if creditors make claims against you or your business, your land, company, property and even personal assets could be at stake. You may wish to take steps, such as incorporation of your business, to limit possible losses to your personal wealth.
There are also risks you face as you get older and after you pass on. If you need costly long term care or nursing home care, for example, insurance usually won’t pay for these types of care unless you can qualify for means-tested Medicaid benefits. If your company assets or valuable ownership interest in a business or farmland prevents you from qualifying for Medicaid because you have too much money or property, you could find yourself forced to pay out of pocket for care. This means impoverishing yourself until Medicaid begins to pay the bills.
Risks don’t end with your death, either. Business assets, the value of a company and farmland often push your estate above the financial value that triggers estate tax. The problem is, you may not have enough cash or liquid assets in your estate for your estate to pay the taxes that are due when you pass away. Your family members could have no choice but to either take out a loan or to sell farmland or company assets in order to pay the estate taxes that are due. This could mean your loved ones don’t have the chance to continue farming your land or continue operating your business for generations to come.
What Can You do to Protect Your Company and Your Land?
When you work with Lee Law Office, we can assist you in understanding the different tools available to keep your land and company safe. We can help you to make a Medicaid plan so you can ensure that you are able to get Medicaid to cover you without losing your wealth to high nursing home bills before coverage kicks in. We can also help you to use tools like family limited partnerships, incorporation, and trusts to make certain that you can pass your company and property down to your loved ones.
In many cases, it is important to put plans in place to protect your company and property long before the time comes when you actually need nursing home care or long before the time comes when you pass away. You should make a plan today so you have the peace of mind of knowing your land and business are protected. You can adjust your plans as your life changes with help from our knowledgeable and compassionate legal team.
How can a Richmond Family Business and Family Farm Lawyer Help You?
A Richmond family business and family farm lawyer at Lee Law Office can help you to keep your farmland or your family business in your family for generations to come and can help to ensure that your business and land serve as a strong legacy. To find out more about the ways in which our legal team can help you to use legal tools to protect what matters to you and your loved ones, give us a call today.