If you own and operate your own company, you know what a challenge it can be to develop an estate plan. You might have some kids who work in the business and some who don’t, or you might have an in-law who works in the business and other kids who don’t.
What do you do if the business is 80% of your estate, though? Are you going to give it to the family member who’s owning and operating the company and not the others? If you do, that probably won’t make for a very happy Thanksgiving or Christmas dinner.
To avoid this dilemma, you need to work with a firm like ours to develop a strategic plan so that when mom and dad are gone, the kids get along, they feel like everyone is treated fairly, and those that are owning and operating the business get the respect they deserve and the ownership they deserve to continue to operate the company successfully. The other family members also need to feel like they got a fair deal and that mom and dad loved them enough that they ensured the estate plan looked out for their interests as well as those working in the business.
“We want the parents to look down and be proud of what we put together.”
If you give our firm an opportunity to help with this kind of situation, we can dig into the details, issues, and emotions involving all the different family members. We can then do a study on the dynamic within the family and help you develop a great strategic plan so that when mom and dad are gone, the kids still get along and the family stays together.
If you have any questions or would be interested in a free consultation with us, please let us know. Just give us a call or send us an email and we’d be happy to assist you.