Estate planning is something you have never addressed because you just did not know where to get started. Now you're thinking you absolutely want to get a plan in place. What should you do first?
The business world is changing, and that can impact a family's succession plan. When much of the family's wealth is tied up in a family business, getting it right is important. Here are three crucial topics to keep in mind.
Are you married, in an opposite-sex marriage? If so, how do you and your spouse make financial decisions? Who tends to handle the finances more often?
You got married 20 years ago, had children and got divorced. Now you're getting married again. Is it time to think about estate planning? Do you need to create a plan or update the one you have?
You want your children to have your house after you pass away. However, you do not want to give it to them as a gift in advance because you plan to live there until you pass away. Likewise, you don't want to sell it to them. So, if you just stay in the home and wait, what happens?
As you prepare to move on from your business, you start thinking about your employees. Do they now face an uncertain future? Or will they stay with the company?