A multi-generational business is a family business in which members of two (or, in some cases, three) generations all work together. For instance, a man may start a construction company in his 30s and then bring his son on to run it with him in his 50s. Doing this...
Month: March 2020
Chronic illness can influence estate planning
Do you suffer from a chronic illness? Whether it is severe or mild, you want to consider it carefully when you do your estate planning. It can have a big impact on the type of planning that you do.Many people assume that chronic illnesses are not that common, but it's...
When should you update an estate plan?
Creating an estate plan is a big step toward making sure your family members are taken care of after you pass away. While some people don't like having to make these plans, they do need to take the step anyway. Failing to do so can leave their family members without...
Bringing children into your company can be difficult
Conventional wisdom says that business succession planning should start with bringing a child into your company and working alongside them. This gives them first-hand experience and you can actively teach them how to run the business well, rather than just leaving it...
With grandchildren, money left may be money spent
All of your life, you've worked hard to save your assets and put money aside. Now that you're writing out your estate plan, you want to leave some of that money to your grandchildren.You have some big plans for them. For instance, maybe you know about the crippling...
