Tag Archive for family business

Estate Planning is About Life as much as Death

legacy - isolated word in vintage letterpress wood type

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.

A proper estate plan typically includes typical documents such as a Will and possibly a Trust, but there’s more. » Read more..

Life Insurance & Closely Held Businesses

Headline of Life Insurance for background

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..

12 Reasons Why You Need a Will

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..

Passing the Family Business to Your Kids Isn’t Simple

Finding a way to hand-off your family business to your kids without stirring up family discord isn’t easy.

If you have 3 children, equal joint ownership of the family business may not work well if only one child works in the business. » Read more..

Ideas for Transferring Your Family Business to the Next Generation

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!

 

Bonnie Wittenburg, Wittenburg Law Office, PLLC, 601 Carlson Parkway, Suite 1050, Minnetonka, MN 55305   952-649-9771 www.bwittenburglaw.com  bonnie@bwittenburglaw.com

 

Inheritance When the Family Business is the Centerpiece

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.

 Bonnie Wittenburg, Wittenburg Law Office, PLLC, Minnetonka, MN 952-649-9771 www.bwittenburglaw.com     bonnie@bwittenburglaw.com