Estate Planning for Doctors
Doctors work hard, they work long hours, and they have a fairly selfless job in which they take on challenges and even risks to help others when they need it most. The upside, naturally, is that they are fairly well compensated for it. The statistics from 2018 show that the average salary for a medi
Advantages You Get with a Multi-Generational Business
A multi-generational business is a family business in which members of two (or, in some cases, three) generations all work together. For instance, a man may start a construction company in his 30s and then bring his son on to run it with him in his 50s. Doing this feels natural in many ways, as it’s
Chronic Illness Can Influence Estate Planning
Do you suffer from a chronic illness? Whether it is severe or mild, you want to consider it carefully when you do your estate planning. It can have a big impact on the type of planning that you do. Many people assume that chronic illnesses are not that common, but it’s just not true. The statistics
When Should You Update an Estate Plan?
Creating an estate plan is a big step toward making sure your family members are taken care of after you pass away. While some people don’t like having to make these plans, they do need to take the step anyway. Failing to do so can leave their family members without the legal means to obtain what yo
Bringing Children Into Your Company Can Be Difficult
Conventional wisdom says that business succession planning should start with bringing a child into your company and working alongside them. This gives them first-hand experience and you can actively teach them how to run the business well, rather than just leaving it to them when you pass away or re
With Grandchildren, Money Left May Be Money Spent
All of your life, you’ve worked hard to save your assets and put money aside. Now that you’re writing out your estate plan, you want to leave some of that money to your grandchildren. You have some big plans for them. For instance, maybe you know about the crippling rise in student debt , so you wan
Estate Planning for a Child with Special Needs
If your adult child has special needs, he or she may be eligible for some government assistance programs. Three common examples of these programs are food stamps, Medicaid and Supplemental Security Income payments. While doing your estate planning to leave your wealth to your child, you want to make
Questions to Ask When Passing a Business to Your Family
Your company has thrived over the course of your life, and you want to leave it to your family. You want your children to have the financial security that it provides. You’re also just proud of what you built, and you don’t want to shut it all down just because it’s time to retire. Estate planning i
You Must Consider Your Finances When You Start a Family
Starting a family is not a financial decision. You do it because you love your spouse, you love the idea of having kids, you have always wanted to be a parent or for some other variation on this theme. Maybe it’s always been a life goal of yours to have kids. You’re at that stage in your life and yo
In Can Help For Children to Have Outside Work Experience
You own a family business. For your child’s entire life, you have assumed they would take over that business. They’re counting on it. Do you just want to get them a job at the company as soon as you can? Naturally, this is a personal decision that your family needs to make. There is value in experie