It is important to develop a plan to retain your key employees during the transition period if you want your business to survive after you leave—whether your departure is because of retirement, illness, or death. Giving a stay bonus is one way that could persuade them to remain with your company, increasing the likelihood of its continued success. Read here to know the other reasons a stay bonus can help.
Proactive measures to help stave off risks posed by the big wealth transfer is important to make sure your wealth is protected and put to the best use possible, regardless of how much or how little wealth you plan to pass on or stand to inherit. Having a comprehensive plan and openly discussing your values and legacy with your loved ones is another key way to ensure your planning strategies work exactly as you intended. Here are several important actions to take for wealth transfer.
When it comes to taking care of your family and assets, you cannot afford to make easily avoided mistakes. Estate planning will ensure your family is taken care of, however you need to make sure you have the best plan, from creating advance medical directives to updating your plan frequently. Read here some of the common estate planning mistakes and how to avoid them.
If you are a same-gender couple, you’re bound to face difficulties when it comes to parental rights. Same-gender couples do not automatically have parental rights on their children as do biological parents, there are many legal complications same-gender couples go through. With estate planning, many of the legal complications can be taken care of in a much easier way. Here are some methods to protect your parental rights if you are not a biological parent.
Unlike your average lawyer, a Family Startup Lawyer™ is someone trained to focus on you, your business, and your family, and not someone who tells you the documents you need to put in place, quotes a fee, and never expects to see you again. The business of law is flawed, and we decided to change that by returning to the time-honored tradition of becoming your personal lawyer for life! Understand more in this article where we explain the difference.
There are many things to consider while estate planning, as well as after your estate plan has been created. Getting the process started is just the first step, you want to make sure it covers everything in your life just the way you desire. After it is complete, it must keep it updated with all the changes happening in your life. An estate plan is the most important plan of your life and you want to make sure it is done right. Read here how to avoid making some of the most common mistakes.
If you think it's awkward to discuss death while you are alive, it's even worse when your family members are left emotional and confused without some sort of guidance after your death or in an emergency. Putting off talking about these situations will do no good to you and your family. These famous celebrity stories highlight how important it is to not only to have an estate plan, but to also make sure it is regularly updated.
In a blended household, conflict is bound to arise between your loved ones when something happens to you, even if you already have a plan in place to take care of them. Fortunately, a method of planning exists for your type family. While legal planning can help resolve that conflict, it can also make your family bond stronger when done right. Whether you are the child of a parent who remarried or you are a parent who divorced and remarried, planning for everyone will keep the family together.
Money is not the only thing that needs to be considered when deciding what to pass down to the next generation, and most parents, unfortunately, don't think beyond how much money they will leave behind for their family. Knowing what to pass down as well as how to pass it down goes hand-in-hand, so you want to make sure you learn how to do it right. Having a conscious awareness of this is just the beginning, but a huge step forward for the long-term benefit of your kids.
Any business, no matter what size, needs a proper succession plan for the future in order to be successful from generation to generation. A bad plan, or not having a plan at all can ruin all your hard work, as it did for the Stroh family. Stroh's beer was one of America's most impressive family fortunes and due to poor business decisions and bad investments, the massive beer empire disappeared in just two decades. Read here how the family could have prevented the downfall.