Family-Owned Businesses & Farms Attorney In Monterey, California

Estate planning is a process that can be complicated for anyone, and this is why legal counsel is so very important. This being stated, it can be especially challenging for people that own family businesses and farms. Fortunately, there are tried-and-true solutions that we can help you implement once we understand the nature of your situation and your estate planning objectives.

One common scenario that can exist is the need for a succession strategy that results in balanced inheritances. To explain through the utilization of an example, let’s assume that you own a business, and your daughter has worked alongside you throughout her adult life. She understands the operation thoroughly, and she is the natural successor after you pass away.

However, you have one other daughter who pursued a different career path. Your business is your most valuable possession, and you are going to transfer ownership of it to the daughter that has been running it with you. How do you balance inheritances under these circumstances? We can provide answers, and the exact strategy will depend upon the circumstances. A common solution is the purchase of life insurance that would be equal to the value of the business that you will be passing along.