» Estate Planning Critical for Farm Businesses

Estate Planning Critical for Farm Businesses

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.

To learn more or to contact a Brandon family law attorney or a Brandon divorce attorney, visit http://www.brandonlawoffice.com.

Osenton Law Office, PA
500 Lithia Pinecrest Road
Brandon, Florida 33511
Call: (813) 654-5777

  • Special Limits on Wage Garnishment
    In a previous blog post, http://www.brandonlawoffice.com/2016/06/heres-how-much-of-your-wages-can-be-garnished-to-pay-your-debts, we covered the broad limitations that federal and state laws place on wage garnishment. Wage garnishment is when a creditor sues you to have part of your income diverted directly to them to pay your debts. There are certain general limitations on how much of your income may be […]
  • Here’s how much of your wages can be garnished to pay your debts
    If you do not pay your debts, your creditors may try to take a portion of your income directly from your employer. This is called wage garnishment. Fortunately, there are limits to how much of your income may be garnished so that you can hopefully keep paying your basic living expenses. The limits are based […]
  • Another family law reform bill falls to Gov. Scott’s veto pen
    Florida Gov. Rick Scott vetoed a contentious bill that would have reformed the state’s alimony system and altered rules on child custody in divorces. The bill would have required judges in divorce proceedings to adopt a premise for approximately equal time-sharing of children between spouses. Judges could adjust the split based on 20 factors listed […]

See other news sources publishing this article. BETA | Tags: , , , , , , , , ,

Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required