Are there tax-saving opportunities?
Is there a problem of succession to ownership and control of a family business or farm? Do I need a Buy-Sell Agreement with my partner? Do I have enough cash to pay the taxes on my farm or business? When the objectives have been developed, documents are drawn and, if required, property transferred to put the plan into effect. A Will is almost always part of the plan. Other applicable documents may include Trust Agreements, Beneficiary Designations on Life Insurance and Employee Benefit Plans, Powers of Attorney, Standby Conservatorship Petitions and Buy-Sell Agreements. Sometimes the basic structure of a business will be altered through corporate recapitalizations, the creation of partnerships or ot her legal entities. A retirement plan would not alter the structure of a business. Professional Help In most cases, a lay person shouldn’t do his or her own estate planning – few laypersons are experienced in solving the problems outlined above and even fewer are skilled in drafting with pr
