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. This is a good way to do things, but remember…[...]

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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. You have some big plans for them. For instance, maybe you know about the crippling rise in student debt, so you want to leave them money to…[...]

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If your adult child has special needs, he or she may be eligible for some government assistance programs. Three common examples of these programs are food stamps, Medicaid and Supplemental Security Income payments. While doing your estate planning to leave your wealth to your child, you want to make sure that you do not accidentally make them ineligible for these…[...]

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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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