For many entrepreneurs, a family business they’ve built is the inheritance they hope to leave their offspring. However, these dedicated individuals may not anticipate that they might face unique challenges regarding continuity when the time comes. Among the most...
Estate Planning
Why retiring adults may want to draft powers of attorney
People preparing for retirement often decide to create estate plans. Not only do they start thinking about their legacy and the need for a will, but they may also want to plan for the potential of their health worsening as they age. Older adults frequently add...
How can trusts help to protect a business?
Business owners often put their company’s interests first. Yet, while they may be hyper-focused on making decisions now, they also need to think about what happens if they pass away. Trusts are one option business owners have to ensure that their business can continue...
3 important inclusions in an owner or executive’s succession plan
Those in leadership positions at successful businesses generally want to see their company thrive. Even after they exit the organization, they may hope that the company continues to grow. Succession planning can help ensure that a business can continue operating even...
3 reasons people may seek the removal of a personal representative
The personal representative of an estate in Pennsylvania has a lot of responsibilities. They have to locate any estate planning paperwork that the deceased drafted and secure estate resources. They need to communicate with beneficiaries, the probate courts and...
The major financial risks that come with estate administration
If someone asks a member of their family or inner circle to serve as their executor, they probably trust that individual. Similarly, if the probate courts appoint someone to serve as the administrator of an estate, that is likely a sign that the individual in question...
Are your children ready to take over the family business?
As a company owner, you’ve invested time, energy and resources into building the family business. You’ve worked hard to establish a successful enterprise, and now you’re considering the future—specifically, whether your children are ready to take over the family...
2 reasons estate end up embroiled in probate litigation
For many families, the estate administration (probate) process is relatively dull, if a bit lengthy. First, the court appoints someone to handle the deceased party's affairs or formalizes the choice of executor named in the deceased’s will. The executor or personal...
Is a family limited partnership right for your family?
A family limited partnership (FLP) is a business structure and an estate planning tool. It allows family members to benefit from the profits of the business whether they’re actively part of it or not. An FLP, which needs to include at least two people, is typically...
Why do most family-owned businesses fail?
Even when the family business lasts through the first generation, the vast majority fail by the third generation. Many of them don't even make it through the second generation. This means that, if you start a business and then try to leave it to your children, the...