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...
Estate Planning
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...
Will leaving your business to one child destroy your family?
As a parent with more than one child, you have already likely learned the difficult lesson that it is impossible to be absolutely equal in your treatment for your children. In fact, doing the same thing for all of them could be unfair as they have different abilities,...
Why early estate planning is important to your family
Far too many people put off creating a last will and estate plan until they reach retirement age or after a diagnosis with a serious illness. In reality, the more assets you have and the more complex your family unit, the more important it is to create an estate plan...
Shell companies: Not just for ill reputes
The recent release of the Panama Papers has led to a lot of questions about shell companies. The term "shell company" often brings the thought of shady characters looking to hide assets from the IRS. In reality, these business devices can be a handy and legal way to...
The intersection of business ownership and estate planning
We are fond of saying that everyone - no matter their age, health or wealth - should consider the benefits of developing a comprehensive estate plan. In addition, business owners should take the time to decide on a succession plan in the event of their untimely death...