When it comes to business succession planning, business owners sometimes assume that they need to equally divide up ownership. For instance, you may be a business owner with four adult children. The business is one of the most expensive assets that you own, so you’re...
A will is a legal document that is crucial for estate planning. With a will, a testator can designate who should benefit from the distribution of assets. Unfortunately, many people die without a will. This can make it difficult to settle an estate and distribute...
When it comes to ensuring the survival of a family business for future generations and preserving (or creating) generational wealth, the use of a family limited partnership (FLP) can offer some unique advantages. A family limited partnership is a business entity...
When you operate a business, you can’t stop planning for the future. Most of the time, that means focusing on the day-to-day operations and growth strategies – but you also need to give thought to a future where you are no longer present. This is where business...
Family businesses are incredibly common. According to one report, almost 77% of small businesses can fit into this category. Even some major corporations have a single family at the top of the executive board, Wal-Mart, for instance, is owned by the Waltons. However,...
Business succession can be a concerning issue, especially if you believe your adult child is not suited for your company. Surprisingly, a significant number of business owners are choosing not to include their children in business succession plans. Common reasons to...
Long-term care can be costly, and it’s not an expense that’s covered by Medicare. Some California residents need to apply for Medi-Cal to help cover the cost of this care, and they may encounter the term “lookback period” when they do. The lookback period is the...
Appointing someone as guardian of your child(ren) can be the most important decision you ever make. While everyone’s familial circumstances are unique, the bottom line is that every parent wants the best person possible to step into their roles once they can no longer...
When a parent or grandparent enters their elderly years, an unfortunate tragedy can strike at any moment to steal their well-being and capacity to make their own decisions. Without an estate plan, they are incredibly vulnerable. There is no guarantee that even you, as...
A power of attorney (POA) is a legal document that permits an agent to make certain decisions on behalf of someone else, particularly should that person become incapacitated. The decision-making party is referred to as the agent. The types of decision-making...