Taking Care Of Your Business

Business owners have special needs that must be address in estate planning.

Keeping the business in the family

Like many business owners, you may hope to keep the business in your family. Proper estate planning will help to ensure that your business can be be transferred to the next generation or sold as a going concern.

Maintaining the value of the business

An effective estate plan will smooth the transfer of the business ownership at your retirement or death. A properly drafted buy-sell agreement can provide for the sale of your shares in the business at your retirement, death, if you become disabled or have a disagreement with other shareholders.

Effective estate planning also means preparing for a smooth transition of your leadership. If you die suddenly without having made any plans, this transition will likely be more difficult because of the confusion and conflict that may arise during an emotional time.

Looking after the family farm

As a farmer, you are a specialist in both agricultural practices and making business decisions. You understand the importance of conserving your land and the business that you have worked hard to build up over the years.

Lifestyle Conservation
If you were to become disabled, how long could your farm and your lifestyle be maintained without an income? For most people and their families, financial security depends on the ability to earn an income and cover both business and personal expenses. In times of disability, income may be drastically reduced or eliminated altogether but expenses, unfortunately, continue. Insightful planning is a must as retained earnings are rarely enough to eliminate the gap between income and expenses during the period of disability.

Succession Planning
Many farmers may wish to avoid the sale and division of their farms after death. Your farm does not necessarily have to be broken up to distribute your wealth to family members or partners. You need to find an inexpensive alternative to provide the funds necessary to settle your estate fairly and equitably.

Estate Preservation
What do you need to do to plan your estate so that taxes and settlement costs can be minimized? How can you take advantage of rollover provisions which permit the deferral of taxes on gains when ownership of your farm passes onto the next generation? There are many important issues facing you regarding the future of your family and your farm. At McNally Financial and Insurance Group, our highly qualified representatives have been assisting agricultural professionals in your area for a long time. You know the issues that are of the greatest concern to you and your family. Your McNally Financial and Insurance Group representative knows how to design the most effective solutions to your financial needs.