Common Pitfalls in Family-Owned Businesses
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....Business Trusts 101: What Entrepreneurs Should Know about Using a Business Trust
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...How to Talk to Your Family About Business Succession
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you...Prodigal Son Breaks News To Dad That He Spent His Entire Inheritance On Gender Studies Degree
I stole the title of this post from a great Babylon Bee article that just came out. For those who don’t know, Babylon Bee is satire. Strangely, their satirical articles often do come true. And this particular title hews closely enough to family settings often...6 Key Considerations for Passing Down a Family Business
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put...FPC 20180206: Family Protection
The term “family protection” is used in many different contexts. For example, in insurance planning it often refers to the concept of “income replacement” for a family bereft of its primary breadwinner. What should “family...Harvard: Millennials now biggest voting group in U.S., 2-1 Democratic
A new Harvard University poll Tuesday is blaring a loud danger signal to the Republican Party after finding that millennials are now the largest generation of voters and they are overwhelmingly Democratic, by a two-to-one margin. Article here. Maybe time for a little...Ten Ways to Prevent Affluenza
More here: As with lottery winners and athletes who are in danger of spending significant portions of their new-found wealth in an instant, children who were raised with wealth must be properly prepared to handle affluence and their inheritance wisely Older...Seven Tips For Managing Sibling Wealth Disparity
The starting point for dealing with wealth disparity is having a common understanding of what family means for this generation and developing a shared vision for how to be a family in the future. This shared vision, based on the identification of shared values...Last Will and Testament of Thomas Jefferson
Jefferson died broke but left a legacy of books and education benefiting the Library of Congress and the University of Virginia. See Jefferson’s will here: Last Will and Testament | Thomas Jefferson’s...A family therapist says too many parents make the same mistake and end up with spoiled kids – SFGate
“What spoils kids is not letting them taste the natural consequences of their mistakes. When we give them the impression that their choices don’t have natural, logical consequences and we rescue them from those — when we say, ‘Hey, you do that...One in three Americans who get an inheritance blow it – MarketWatch
“Great wealth transfer” has joined “silver tsunami” in the lexicon of aging America. It refers to the wave of wealth, estimated to be in the trillions, which will flow from the oldest generation in the coming decades. Yet evidence suggests that many Americans...70% of Rich Families Lose Their Wealth by the Second Generation
“Looking at the numbers, 78% feel the next generation is not financially responsible enough to handle inheritance,” says Chris Heilmann, U.S. Trust’s chief fiduciary executive.And 64% admit they have disclosed little to nothing about their...Millennial Money Matters
Yikes. If ever there was a need for financial mentorship, it’s now. And yes, you can do that with your estate plan. How millennials feel about money and financial issues, in eight charts Source: Millennial Money...How Boomers Are Redefining ‘Legacy’
Some families construct a legacy of memories and real estate, say by buying a vacation property that is held in a trust or other structure so it is equally owned by all heirs. “That keeps it intact for at least another generation and ensures that it is not...“Estate Planning” Needs an Extreme Makeover
Great article. Personally, I call my practice “family protection” law and the author appears to be on the same page as me. In its most fundamental state, estate planning should support the family (or the individual) first, and thereafter concern...Pushing Wealth Transfer Plans Into The 21st Century
Among affluent families, the disconnect between what their current wealth transfer planning does, and what they want their planning to do, is staggering. While 75 percent of wealthy parents say it’s important to leave an inheritance to the next generation, only...Key Considerations for Preparing a Family Legacy Plan
Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial...The Game Plan to Successful Wealth Transfers
One common misconception is that sheltering the younger generation from knowing about the magnitude of the family wealth is in their best interest. Contrary to such opinion, the survey found that it’s important to teach children and grandchildren the family’s...
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