It’s very uncommon for family businesses to make it to future generations. One study found that a full 70% of them either fold or get sold off before the second generation – the business owner’s children – take over. If you look at the next generation, that percentage...
Starting a business with friends or family can be both a blessing and a curse. On the one hand, you have someone to rely on when things get tough. On the other hand, many potential pitfalls can occur when business partners are also family members. Here are some things...
If your primary estate plan document is your will, you’ll likely list all of your major assets and whom you want to receive them after you’re gone. You may also detail specific sentimental items, like jewelry or antiques passed down through the generations and who...
Despite being a loyal employee for many years, you’ve always had an entrepreneurial streak. Finally, you’ve generated an idea and come up with a viable business plan. You’re planning to launch a startup and you’re very excited about it. However, it’s not as simple as...
If someone you love recently died and they had an estate plan, you obviously want to uphold their wishes. However, there are numerous circumstances that might make you suspect that there is something wrong with the will or other documents. The desire to uphold...
In recent years, more and more millennials have been focusing on creating an estate plan. Something that some people believe is only for older individuals or those with a large amount of assets is now being utilized by the younger generation. The question you may...
Hollywood has its standard “reading of the will” scene. Family members are gathered together in an office while the attorney reads the deceased’s last wishes. There is suspense and drama, along with family fights. However, a better solution is to create an estate plan...
The role of a trustee is complex. They often need to manage property that people they personally know wants to access. They may spend years overseeing the investment and administration of trust assets, all for a relatively small amount of compensation set aside by the...
You may have recently been asked to take the role of executor for a loved one's will. You may not know exactly what the job is and what you’re required to do, but you should know that an executor of a will is an honorable position to be asked to take – but it’s a big...
Thinking about what’s going to happen if you become incapacitated isn’t a pleasant thought for anyone. Despite the discomfort that comes with this, you have to take the time to make plans for what will happen if you’re unable to make decisions for yourself. One of the...
