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.
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.
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 the legal means to obtain what you wanted them to have.
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 to them when you pass away or retire.
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.