Tucson
520-529-4000

Scottsdale
480-480-8000

  • Inquiries

    info@kinghornlaw.com

  • Kinghorn Law, LLC

     

    Tucson Office
    3573 E. Sunrise Dr.
    Suite 209
    Tucson, AZ 85718
    520.529.4000

     

    Scottsdale Office
    7272 E. Indian School Rd.
    Suite 540
    Scottsdale, AZ 85251
    480.480.8000

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Kinghorn Law focuses on Estate and Business Planning, Living Trusts, Trust Administration, and Long-term Care & Medicaid (ALTCS) Planning.

We counsel clients on the unique legal issues relating to advancing age. Whenever possible, we prefer to help clients plan for the future, avoid probate, minimize taxes, and solidify their legacy. We also help clients plan for possible incapacity and long-term care. We help our clients deal with issues of aging with independence and dignity.

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Estate Planning

Family-Owned Businesses & Farms

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.

Family business owners, farmers, ranchers and landowners face unique challenges surrounding how to preserve the family business or farm—a symbol of their heritage.

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.

Interested in an initial consultation?

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