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estate planning Archives

Not having a succession plan can pit children against one another

When you create a succession plan for your business, you are doing more than just focusing on the future of your company. You are also working to create the best possible future for your family. With no plan in place, you may inadvertently pit your children against one another.

How soon should you prepare for business succession?

Opening your own business is a testament to your hard work and determination. Naturally, many small business owners start a company because they want financial security for themselves and their families. That is part of why it is so disheartening to learn as many as eight out of every 10 businesses fail within the first 18 months in the United States. 

Should you leave assets to your children outright?

Perhaps the most common way to leave assets to heirs is simply indicating in the will which heirs will get which assets outright. For instance, you have $1.5 million saved up and you have three children. You leave all of them $500,000, a gift you know they'll enjoy.

For a loved one with a disability, are there good alternatives to guardianship?

When you have a minor or an adult child with serious disabilities, a guardianship is one way to help ensure that your child receives appropriate care after you are gone. However, if setting up a guardianship sounds too complicated or costly, there are some alternatives that may interest you.