Estate Planning Critical for Farm Businesses
Apr 25, 2012
Brandon, FL (Law Firm Newswire) April 24, 2012 – Some of the most bitter custody battles can be entirely avoided with some careful estate planning. These battles are not about the children, the house or the pets – they are about the family farm.
In many industries, a family business being handed down from one generation to the next is a seamless operation. The family farm can sometimes be more emotional.
“If the elder generation has not done smart, careful estate planning, then the next generation will suffer,” said Brandon estate planning attorney Reginald Osenton. “The last thing anybody wants is for hard feelings about the farm to put adult children at odds, but that is exactly what can often happen.”
In the case of a family farm, estate planners often are balancing the issues that come up with business succession plan and a family estate. This compounds a couple of touchy issues.
“There are plenty of reasons to get a farm estate plan done,” Osenton said. “A solid plan will put everyone at ease going forward and put someone in a leadership role so that they can take over when the time comes for them to be in charge. Too many family farmers never put their children in charge so when they are no longer able to run the farm, the next generation is not ready tot take over for them.”
The complication comes in dividing the property and dividing the roles in the business. There are an infinite number of ways to split things and an experienced estate planning attorney can help farm owners understand their options.
Reginald Osenton is a Brandon estate planning attorney with experience helping businesses and families develop plans to divide up estates.
Osenton Law Office, PA
500 Lithia Pinecrest Road
Brandon, Florida 33511
Call: (813) 654-5777