When an estate plan involves an independent business owner who wants his or her family to benefit from the value of the business, a lot of important questions will need to be answered. Most importantly: Will you leave your business to be managed by your children, or would your children rather do something else?
Fifty years ago, this probably wouldn't be a question that business owners would aks. In the past, children usually took the reins of the family business after mom or dad became too old to manage it. Modern families are different. Parents tend to encourage their children to follow their own path. If the kids are interested in taking over the family income maker, that's excellent. If they're not, parents are usually happy as long as their children are happy.