Changes to our nation’s income taxes, capital gains taxes and estate taxes – whether already passed or still in the proposal stage – pose massive challenges for family farms and other family businesses. In such an era, it’s good to know you still have tools at your disposal to protect your interests, or even your way of life.

The family business, in the best of times, faces unique challenges, particularly with business succession and estate planning. Moreover, the family business is often not merely a business, but a lifestyle. The hard work, long hours and heightened risk can be common challenges. The business owner’s very identity is more likely to be tied to the success, or failure, of the family business.

This is particularly evident for agricultural or farm businesses. The family farm is connected to the land, which is critical to success. In California, where our firm is based, the news is replete with stories of fires and critical water shortages as our mega drought continues.

Click to read the entire article: Family Business Survival Strategies in an Era of Sweeping Tax Reform

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