Margrave Celmins, P.C. can assist in situations where the personal asset is the family business operated by the parents or one of the children.
Significant problems often arise as to continuing a business after a parent has retired or dies. The issues often revolve around the question of what role in the operations and/or ownership the remaining family members should have.
This failure to plan can lead to some unfortunate consequences down the road that offer the potential for creating negative tax issues, in-fighting among beneficiaries, lack of a qualified person to step in upon the occurrence of a catastrophic event and ultimately even failure of the business to the financial detriment of all.
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