Studies have shown that the number of family businesses owned by second generations and third generations dramatically decline for a number of reasons. One large reason is the lack of business succession planning for the family business.
Although uncertainty surrounding the likelihood of tax reform continues for the moment, there are still several wealth transfer strategies that can be considered by those wanting to make gifts.
Over the years, several high-profile celebrities have died without either properly updating their estate plan or having one at all. The list includes Princess Diana, Prince, Heath Ledger, Michael Jackson and Kurt Cobain, all of whom were worth millions and among the most famous people on the planet at the time of their death.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
You’re closing in on retirement, but you’re not there yet. Are you on track?
The IRS determined that Prince’s estate is worth $163.2 million, well above the $82.3 million valuation submitted by Comerica Bank & Trust, the estate’s administrator.
We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.
As a business person you may have seen the term “durable power of attorney” in several situations. Power of attorney is a strange term because it’s not immediately clear what powers an attorney for the business may have.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?