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. Lines of succession should be clear. Sometimes, employees do not know who is really in charge. An adult child may start…[...]

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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? To begin, just start by asking yourself a few basic questions. These can help you determine your specific needs and start looking into the options you…[...]

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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? For instance, perhaps you are a woman and you tend to let your husband make big financial decisions. Maybe he pays the bills, puts money aside for taxes, decides what loans to take out…[...]

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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? This is absolutely something to think about. If you don’t, experts warn that you could accidentally cut your own kids out of part of your…[...]

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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? After you…[...]

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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? Every situation is different, but remember that even many third-party buyers want to keep key employees, if they can. It helps the transition go more smoothly. It gives them someone who really…[...]

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When creating a trust, you likely have a specific goal in mind. How the trust accomplishes that goal depends on the terms that you put in place. Those terms define how the money can be used. For instance, some people who have trusts in their name want to use them to buy homes. They may use the trust to directly buy…[...]

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Estate planning is important, but many people don’t do it. Often, the reason is that they have heard some common myths and now they hold onto popular misconceptions about the process. It derails their planning and puts their family’s financial future in jeopardy. Whether you have done your estate planning yet or not — but especially if you have not — it…[...]

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When you think about estate planning, who do you think it should focus on the most? Do you think it’s for couples? Is it primarily for men? Is it a women’s issue? While all people, of all genders, do need to do their estate planning, some experts do refer to it as a serious women’s issue. Their reasoning is simple: Women…[...]

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If you’re planning to pass a small business on to your children, you cannot understate how important it is to have a good succession plan. It’s about more than just you or your heirs. It’s also about the employees and the economy as a whole. You could make the argument that nothing is more important to the economy than small…[...]

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