How to Choose a Guardian
One of the most difficult, emotionally-fraught decisions you must make as a parent is who you will choose to take care of your children if you can't. Nobody likes to think about this, for obvious reasons; it forces you to confront your own mortality, and it is impossible to imagine somebody caring for your children the same way you would. As parents of two young children, my wife and I have had to confront this issue ourselves. We have revisited it and changed our minds several times.
I know from many conversations with friends and clients that the anxiety involved in this decision prevents some people from taking the necessary steps to initiating the estate planning process. I have found that the best way to get past the emotional hurdle is to break it down into an intellectual process. Make a list and check it twice. Read more>>
|Business Succession Planning
Your business is probably not just a job to you. It's a key component of your life's work, your identity, and the legacy you want to pass on to your children. This is especially true if you own your own business, either one that you created or a family business that has been passed to you from a previous generation. As such, a key part of your estate planning should address business succession strategies. First and foremost, you will need to discuss these issues with your family. Will your children want to take over the management of your business, or will there be another way for you to ensure its future sustainability, as well as your family's security?
As you make these highly personal decisions, you can begin to consider the estate planning implications of passing on business assets. Read more>>