Statistics show that only 30 percent of businesses make it through the second generation of ownership. This can be attributed to poor succession planning. As a businessperson, your life revolves around the business. However, have you ever stopped to wonder what will happen to your business when you can’t make essential decisions anymore? Apart from…
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Studies show that the number of people filing for bankruptcy is still high, even with improvement in economy. Say you are planning your estate, and then you decide to declare bankruptcy, what transpires after this? Do you shelve it or do you still proceed? What if your kid declares bankruptcy when you are busy coming…
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According to studies, only 17 percent of Americans work with a financial advisor when it comes to matters finance. They believe in handling their finances, which is a huge mistake. Proper financial management is vital in planning your estate, the reason to work with an advisor to help you with the process correctly. Still, many…
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Scenario When Jane’s mother passed away, she knew she would get a good share of the estate that her mother had grown over the years. She knew that the mother had real estate and money in the bank. When the will was finally read out, she was surprised to discover that the mother hadn’t left…
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When 78 year old Anne lost her husband James to an accident, she realized that she had no idea what his passwords were. She couldn’t access his Apple account on the iPhone, iPad and computer that they had stored all their data on. On calling Apple to get help, she was advised that she needs…
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Estate planning mistakes can turn out to be expensive than you ever thought. The amount you spend fixing the mistakes – that is if they can be fixed at all – is huge. The situation is simple – when a person makes a mistake in planning their estate and get deceased later on, they won’t…
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This article is part of a larger series that presents a number of ways a will or estate plan could be challenged. Taking these potential threats under consideration is critical when planning your estate and they are often overlooked until it’s too late. One of the most important steps in one’s life is creating an…
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As stated in the four previously published articles, estate planning is a critical part of one’s life, especially as you get older and/or bring children into the world. The other three articles covered things such as fraudulent signatures and undue influence and how these can affect the validity of an estate plan. When planning for…
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Celebrities across the world have entertained us in more ways than one. We have seen tragedies both in life and in death among our favorite celebrities, but there are a few tragedies that go past death, leaving their families trying to grapple with both physical and monetary losses. We are referring to estate planning mistakes…
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Business succession planning refers to a series of financial and logistic decisions that you make regarding who takes over your business when you pass away, retire or become incapacitated. When you run a family business, succession is never that simple. You have to account for a lot of things when you transition from one generation…
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