While thinking about business succession planning, you have probably come across some rather daunting statistics. For instance, a massive 70% of family businesses do not make it to the next generation. About 88% fail by the third and 97% fail by the fourth.Obviously,...
Month: October 2019
The reality of how many people do estate planning
When you think about how many people do their estate planning, it's easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are...
Why divorced women with children may want to make a trust
As a newly divorced mother, you probably have a lot on your mind. For example, you have to figure out how to provide everything your children need on just the income you currently have and the child support you receive. Many divorced parents only realize after the end...
Add balance to your incentive trust
Are you thinking of using an incentive trust to give your heirs motivation as you pass your assets on to them? One of the most common ways that parents use an incentive trust is by specifying yearly payouts that are tied to employment. For instance, the child could...
A family business is not an easy career
You own a family business. It's been successful, but you worry that your children simply see it as an easy career. By virtue of the sheer luck of being born into your family, they will always have a job waiting for them.You're not wrong to be worried. Experts warn...
Estate planning before Alzheimer’s
Estate planning after you have been diagnosed with Alzheimer's can be problematic for your family. They may not think that your estate plan is accurate because of your condition.For instance, say you want to leave someone out of your will. You have your own reasons to...
Don’t let beneficiary designations become outdated
Don't assume that your heirs will get an asset just because you leave it to them in your will. In some cases, other types of paperwork actually take precedence over your will.A good example is a beneficiary designation. You may find yourself using this with life...
4 main classifications for children with special needs
If you have a child with special needs, a big part of your estate planning is likely setting up a special needs trust and other systems to support the child when you can no longer do so. You understand that your role as a parent is different than most, and your child...
Can your child actually run your company?
Ever since you started your business, it has been your dream to pass it on to your children. You want them to love it as much as you do. You want them to have a source of income. You know how hard it was for you to find a career path, so you hope to give that to them...
Consider these 10 areas when setting up an estate plan
Estate planning involves far more than just 10 steps. In fact, one of the reasons that people often put it off is that they feel intimidated by the sheer amount of work that they know it's going to be.You shouldn't feel this way. Estate planning is very important and...
