Collins Law Group provides representation and legal advice to owners of family-owned businesses and farms. A business or farm is often considered a substantial asset, so you need to take smart steps to protect what you own. Our legal team will offer you advice on threats to the future success of your farm and business, and we will help you to create a plan to keep your assets secure and create a legacy for future generations.
To learn more about how our legal team can assist you if you have a family-owned business or farm, give us a call today at (310) 677-9787. We will provide you with personalized advice and guidance on the steps that you may wish to take. Your plan will be customized to your goals and will be designed specifically for your unique situation. We can also offer you assistance with answering general questions you may have about protecting your farm or business, including:
- What are some of the common risks and problems faced by farm or business owners?
- How can I protect my family business in California?
- How can a Los Angeles asset protection lawyer help if I own a family business or farm?
What are Common Problems Faced By Farm and Business Owners?
Farm and business owners have a valuable asset, which puts them at risk and which creates issues regarding legacy planning. If you own a farm or a family business:
- Your farm or business could be lost due to a lawsuit. If a judgment is entered against you because of creditor claims, injury claims, or other litigation, you could lose the asset.
- Your farm or business could trigger estate taxes. Many farm and business owners have estates exceeding the excludable value. If your estate is worth more than the exempt amount, estate taxes will be assed. If wealth is tied up in the business or farm, heirs could be forced to sell land or company assets to pay the tax bill.
- Your farm or business could be mismanaged in the event of incapacity. If you become unable to communicate or act to manage the company or the farm, operations could be interrupted and significant financial loss could occur.
- Ownership of your family farm or business could be in dispute upon your death. Heirs and family members with a potential interest in the farm or company could begin fighting about its future after you pass away.
- Your personal assets could be at risk because of business losses. Depending upon the way in which your company is structured or the way your farm is owned, you could find your other personal assets at risk if claims are made against the company.
These are just a few of the issues faced by people who own a company or a farm. Your business or your family farming operations should bring you joy and financial stability, and should be a legacy for you to leave behind. If you don’t take action to reduce risk and avoid losses, however, the value of the company or farm which you have spent your life building could be lost.
How Can I Protect a Family Business in California?
There are different ways to protect family businesses depending upon your concerns, the risks most likely to affect you, and the needs of you and your family. In some cases, incorporating a business is the answer. Creating trusts and transferring ownership of the business or of stock shares of your company into the trust could also be beneficial. It may be possible to reduce or avoid estate taxes and to put business assets beyond the reach of creditors – but only if you know how asset protection laws work.
Collins Law Group understands how farm and business owners protect their legacy. We can advise you on legal tools like living and irrevocable trusts and powers of attorney so you can protect your company and farm both while you are alive and after you are gone.
How Can a Los Angeles Asset Protection Lawyer Help Farm and Business Owners?
Collins Law Group represents the owners of family-owned businesses and rental properties in the greater Los Angeles area including Inglewood, Los Angeles, Santa Monica, Torrance, and surrounding areas. To learn about personalized legal advice we can offer and assistance we can provide in protecting your company, give us a call at (310 677-9787) or contact us online.