Do I Need Family Business Succession Planning?

Most people who start family-owned businesses do so with the future of their family in mind, with visions of providing a legacy and income stream for their children, grandchildren, and beyond. Yet research indicates that only thirty percent of family-owned businesses survive the transition from the founders to the second generation of owners; the survival rate decreases with each succeeding generation. A lifetime of hard work can dissipate in a moment without careful planning. Continue reading

3 Powers to Consider Giving to a Trust Protector

Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have the ability to adjust the trust provisions as circumstances, beneficiaries, and governing laws change. Continue reading

How to Make a Family Meeting a Successful Part of the Estate Planning Process

You’ve made the hard decisions, your documents are signed, your trust is funded, a business succession plan is in place. Congratulations, you’ve finished your estate planning. But have you, really? Have you explained your planning to your family? Will they understand how your plan will work and what they may need to do if you become ill or when you die? Will they wonder why you made certain decisions? Continue reading