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Law Offices of Kobrick and Moccia

Long Island Estate Planning Attorneys

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Home » Family-Owned Businesses & Farms

Family-Owned Businesses & Farms

Family business owners and landowners face unique challenges surrounding how to preserve the family business or farm—a symbol of their heritage. Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem.

However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Probate fees and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs.

Land Rich, Cash Poor

The typical farm family is land rich, cash poor. With hundreds of thousands, if not millions, of dollars locked up in equipment, livestock, structures and land, the net worth may be impressive. But when you look at the cash flow, it’s another story entirely.

Estate taxes will be based on the current market value of all your assets. If your heirs can’t readily come up with the cash from other sources, they may have no recourse but to sell the farm just to pay estate taxes and other settlement costs.

Estate Planning Solutions

Your farm or business poses two estate planning challenges:

  1. How can you preserve it so that you can pass it on intact to the next generation 
  2. How will you equitably distribute it among your heirs.

Achieving these two goals means planning in advance for such expenses as estate taxes, as well as implementing strategies that give you maximum control over how, when, and to whom ownership of your farm transfers. Contact our office for more information about your options.

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GARDEN CITY

1305 Franklin Avenue Suite 170
Garden City, NY 11530
United States (US)
Phone: (516) 248-9500
Fax: (516) 248-7606

HAUPPAUGE

150 Motor Parkway Suite 401 (Regus)
Hauppauge, NY 11788
United States (US)
Phone: (631) 941-3400
Fax: (516) 248-7606

HARRISON

600 Mamaroneck Avenue, 4th Floor
Harrison, NY 10528
United States (US)
Phone: (914) 701-0777
Fax: (516) 248-7606

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Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

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