Parman & Easterday represents owners of farms and family businesses in Oklahoma City, OK. There is a strong spirit of entrepreneurship and a long history of families working the land in Oklahoma. We help families to continue these traditions and to build legacies for the next generation by creating and protecting strong farms and strong companies.
If you are starting a business or if you own an existing family owned business or farm, you need to know how best to protect your assets and what steps you need to take to make the company or the farm your legacy. We can provide the comprehensive advice you need. Give us a call today at (405) 843-6100 in Oklahoma City to discover more about the personalized services we offer and to get answers to important questions including:
- Why do owners of family businesses and farms need to get help?
- What should you do to protect your farm or family business?
Why Do Owners of Farms and Family Businesses Need Help?
Farm owners and family business owners need to ensure they get professional help because they have very valuable assets which could be at risk. Whenever you own anything, from farmland to a company with substantial property or a valuable brand name, there is a risk that this important property could be lost if not protected.
Your business or farm are vulnerable to loss if you must go into a nursing home, because you could end up having to liquidate to pay for costly nursing care bills. If you are sued, you could lose your property and company if you do not prevail and a lien is placed on assets to enforce a judgment. If you become ill or injured and cannot manage your company or farmland, you could find that the value of the land or business diminishes because no one is taking care of it. When you pass away, estate taxes could be so high that property has to be sold in order to pay them. Your heirs who inherit could also lose your company or land in a divorce or due to bankruptcy.
This long list of potential ways you could lose your farm or family business are just some of the potential tragedies which could arise that destroy the legacy you were hoping to build. With the help of an experienced attorney, you can identify where you are vulnerable and what risks you face. You can then make plans to protect the farmland or the company that you have built with your own two hands.
How Can You Protect a Family Business or Protect a Farm?
You can protect a family farm or a family business by understanding the legal tools available to you and by making use of the right ones. Options could include:
- Creating a buy/sell agreement to ensure that no ownership shares of your business fall into the hands of people who you do not want to do business with.
- Incorporating your business to ensure that your company is treated as a separate legal entity and that your personal assets won’t be lost due to business problems.
- Creating trusts to structure ownership of your farmland or family business so the assets are not lost because of nursing home bills; estate taxes; or mismanagement by heirs.
- Using a power of attorney or living trust to plan for what happens in case you become incapacitated.
The right tools should be identified by a lawyer who can help you to follow all necessary legal formalities to protect your company or family land.
To get help from an experienced attorney serving Oklahoma City, OK give Parman & Easterday a call today. You can reach us at (405) 843-6100 in Oklahoma City. You can also contact us online. Our legal team is ready to provide the help you need, so do not leave your farm or business vulnerable any longer.