Legal Counseling for Family-Owned Businesses

Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate, gifting assets to your children, or making critical medical decisions.

Depending on the needs of the individual or family, incapacity planning could include a number of planning techniques, such as property powers of attorney, health care powers of attorney, living wills or advance health care directives, or guardianships/conservatorships.

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.

state 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.

Family On The Farm — Winter Haven, FL — The Tessier Law Firm

What is a guardianship or conservatorship?

Guardianship, also known as conservatorship, is a court-supervised proceeding that names an individual or entity to manage the affairs of an incapacitated person. A guardianship may also include the duty to care for the incapacitated person.

Our law firm helps clients create a plan to handle their affairs in the event they become disabled, thereby avoiding the necessity of a public guardianship proceeding.

Incapacity Planning Definitions

Coming Soon.

For more information, or to schedule a consultation, call us at 863-220-7927.