Thoughtful estate planning may help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
Tag Archive for family business
A dilemma for “asset rich, cash poor” closely held businesses in Minnesota is finding the cash to pay estate taxes and other expenses when a business owner dies without jeopardizing the ability to pass an intact business to the owner’s children.
One potential solution to this liquidity problem is to set up an irrevocable life insurance trust (“ILIT”) to own a life insurance policy on the business owner’s life. » Read more..
There are at least 12 reasons why Minnesotans need a Will.
Reason #1: Keep control. The Minnesota Legislature has established a plan in state law for what happens to your assets if you do not have a Will. That plan may be contrary to your wishes, and may not be the best for your family. You are in control if you create a Will. » Read more..
Finding a way to hand-off your family business to your kids without stirring up family discord isn’t easy.
Over on our Business Law Blog, Wittenburg Law posted about transferring your family business to your children or other heirs. Visit our blog to learn more!
Over on our business law blog, Wittenburg has written about issues involved when the family business is the key asset for inheritance. Visit our blog to learn more.