Its impact, deliberately, extends much farther than the entities involved and has a significant impact on estate planning in general, and succession planning – especially those involving trusts.
Succession planning is elemental for small business owners, much like estate planning is for anyone with assets. Owners should have a plan ahead of retirement if they become incapacitated or pass away unexpectedly.
A decade before his death, the billionaire owner of the Denver Broncos consulted with attorneys about the orderly handover of the team after his death. He crafted a carefully delineated trust that his hand-picked trustees would oversee.
No matter what industry you might be in, what your long-term goals might be, or how your business is structured, you know that you need to be planning for the future.
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes. For example, if you want to leave…