Small family businesses were once the backbone of the American economy. Children learned trades and/or management skills from helping in the family business and often one of those children would assume control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. After decades of decline, family businesses are rebounding once again in the United States. The Oklahoma City business succession planning attorneys at Parman & Easterday explain why … [Read more...] about Succession Planning for Your Family Business
Small Business Planning
Why a Limited Liability Company is Better Than a Sole Proprietorship
A Limited Liability Company is a type of business structure that many company owners choose for the protection this structure provides. An LLC can also be useful in estate planning, as you can create a company and pass a membership interest in the company on to family members and loved ones over the course of your life. While a Limited Liability Company (LLC) has many advantages, the creation of an LLC is not necessarily right for every person, company, or situation. You need to … [Read more...] about Why a Limited Liability Company is Better Than a Sole Proprietorship
When Can a Family Business or Family Farm Trigger Estate Tax and What Can You Do About It
When you own a family farm or business, you need to be aware of the possibility of estate tax. Estate tax can be assessed upon your death. Unfortunately, in some cases, this tax ends up being very difficult for heirs to pay. Since the value of the business and farm count as part of your estate, the tax bill may be significant due to the value of the business assets and land value. Because most business and farm owners have much of their wealth tied up in these endeavors, … [Read more...] about When Can a Family Business or Family Farm Trigger Estate Tax and What Can You Do About It
What is Business Succession Planning?
For small business or family business owners, business succession planning can be a significant challenge. When you look ahead and consider the future, what do you envision for your business? Who will own it when you decide to step away? How will you be able to pass it on to your family? If not your family, can you find a buyer? If you don't want to sell, what other options do you have? The answers to these types of questions will come when you go through the business succession planning … [Read more...] about What is Business Succession Planning?
When is a Guardianship Necessary?
A guardianship occurs when a judge determines, with the advice of your doctors, that you are unable to make your own medical decisions. The court will then name a guardian, who is usually a friend or family member, to oversee your health care treatment. No Assigned Agent If you become disabled either mentally or physically and you are no longer able to state your medical wishes, you must have someone available to speak for you. Many people use a Health Care Power of Attorney or Advance … [Read more...] about When is a Guardianship Necessary?
