When Should I Think About Business Succession?
May 2, 2022
A common and often costly mistake when it comes to business succession planning is not starting the process early enough.
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A common and often costly mistake when it comes to business succession planning is not starting the process early enough.
If you don’t have a will and an estate plan, probate is an after-you’ve-gone legal struggle. It could last months, if not years, in a battle over what you intended your family (or friends) to have: your estate!
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.
Here are the top five mistakes people make that upend their planning.
Your last will and testament is one of the most important legal documents that you will ever make. It allows you to direct where you want your property, guardianship and debts to go after you die, and allows you to appoint an executor to act out your wishes.
To get power of attorney (POA), the person granting you that power must name you as the agent to have the powers specified in the POA document. It must be signed by the giver while s/he is sound of mind.
You don’t get to use all the money in your traditional 401(k) and IRA for retirement because you still have to pay taxes on it.
The rapid rise in circulation and growing popularity of cryptocurrencies is prompting attorneys and estate planners to adjust, as digital assets are inherited through wills, trusts and estates, according to experts who warn of the danger of lost or misappropriated assets.
4801 South University Drive, Suite 264/265
Davie, Florida 33328
4801 South University Drive, Suite 264/265
Davie, Florida 33328