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Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

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Home » Services » Family-Owned Businesses & Farms

Family-Owned Businesses & Farms

America was built on the backs of farmers and small business owners. Even today, owners of business organizations and owners of family farms provide jobs to millions, provide the food that we eat, and provide products and services that make life great for Americans and for people worldwide. If you own a farm or a family business, you have built an important legacy that you need to protect. You need to ensure you make smart choices to manage risk, maximize the potential for growth, and protect your enterprise both during your life and after your death.

The Los Angeles business and estate planning lawyers at Schomer Law can provide you with the personalized advice that you need. Give us a call to speak with an experienced attorney about how we can help you to protect your farm or family-owned business. We’ll offer you the guidance you need that is tailored to your situation and we can answer questions including:

  • What are some unique challenges faced by owners of farms and family businesses in Los Angeles?
  • What legal tools can you use to protect your Los Angeles farm or family business?
  • How can a Los Angeles estate planning lawyer help you to protect your family business or your farm?

Farm and Family Business Owners Face Challenges

When you own a farm or a family business, the hard work and labor you invest allow you to produce wealth for your family and to create a lasting legacy. Unfortunately, there are threats to your efforts throughout the course of your life.

Business owners are vulnerable to being sued, while farmers could find their land at risk if they face a personal or professional lawsuit.  A farm or family business could also be lost to creditor claims, while a large tax burden could make profitability difficult. After the death of a farmer or family business owner, there are also issues of estate taxes and a potentially complicated succession process to contend with.

You need to make sure you do everything you can to minimize the risk that your farm or family business could be lost due to unforeseen events, high taxes, or financial struggles.  

What Legal Tools Can You Use to Protect Your Farm or Family Business

There are different approaches to be taken to protect your farm or family business to reduce the risk of litigation, loss to creditors, or high tax bills which force the sale of land or property.  The right plan will depend upon the value of your farm and family business, the structure of your ownership, and many other factors.  

You’ll need to get personalized advice on how the law applies to you and on what tools you can use to make the law work for you. For example:

  • The way business ownership is structured will affect how profits are taxed, as well as whether your personal assets are at risk if a business goes bankrupt or is sued.  An experienced attorney can help you to consider incorporation or other forms of business ownership that minimize liability.
  • The way property ownership is structure can affect taxes, the transfer of assets, and the potential risk of loss.  It may be possible to create a trust which will put your company or farm beyond the reach of creditors and which can limit or avoid estate taxes.
  • The plan you create for succession can affect operations. You don’t want your company or farm to be tied up in probate and to be inefficiently managed for weeks, months, or years after you pass away. You need to create a plan for death, disability, or incapacitation and this plan should be in place well before disaster happens.

There have been many tragic cases where a business built over a lifetime failed after its owner died or where family farmland owned for generations had to be sold off to pay an estate tax bill. You don’t want all you have worked for to be destroyed because you didn’t take the time to plan effectively and use the legal tools available to you. If you have a farm or family business, or if you hope to grow and develop one, reach out now to Schomer Law to get help.

How Can a Los Angeles Lawyer Help You with Business?

At Schomer Law, we understand all of the different California and federal laws which business owners and farm owners can use to secure and protect their assets and to ensure those assets can be handed down through the generations. Give us a call now to learn more about how we can advise you on your options to protect your farm or your family company.

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Testimonials

Client Review
July 29, 2020
    

We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

Frank & Jutta R
Client Review
July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
Client Review
July 29, 2020
    

We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
Client Review
July 29, 2020
    

When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
Client Review
July 29, 2020
    

We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
Client Review
July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

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