Your company has thrived over the course of your life, and you want to leave it to your family. You want your children to have the financial security that it provides. You’re also just proud of what you built, and you don’t want to shut it all down just because it’s time to retire. Estate planning is very important for…[...]

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Starting a family is not a financial decision. You do it because you love your spouse, you love the idea of having kids, you have always wanted to be a parent or for some other variation on this theme. Maybe it’s always been a life goal of yours to have kids. You’re at that stage in your life and you…[...]

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You own a family business. For your child’s entire life, you have assumed they would take over that business. They’re counting on it. Do you just want to get them a job at the company as soon as you can? Naturally, this is a personal decision that your family needs to make. There is value in experience and working with…[...]

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Do you have any financial documents with a beneficiary, e.g., a life insurance policy? Maybe you have a retirement fund with a beneficiary who is supposed to get the contents of that fund when you pass away. As you write your will, you may think it’s easy to adjust things. Just name who you want to get the money in…[...]

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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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