“We’re all set. We did our estate plan years ago.” Whenever I hear those words, I know it may be time to open the binder. Sometimes the binder is beautiful: leatherette cover, gold lettering, tabs, enough tabs to suggest that no further human intervention will ever be required. Then we start looking under the hood. They signed the trust in 2008. The house they bought in 2016 is still in their individual names. The successor trustee is now 81 and lives three states away. The children described … [Read more...] about The Estate Plan You Think You Have
Business succession
Why Business Succession Planning is Crucial for Small Business Owners
As a small business owner, you have likely invested significant time, effort, and resources into building your enterprise. You have nurtured it from its inception, navigated through challenges, and celebrated its successes. Have you considered, however, what would happen to your business if something happened to you? This is why business succession planning is crucial for small business owners, as explained by the Los Angeles attorneys at Schomer Estate & Wealth Advisors. Benefits of Business … [Read more...] about Why Business Succession Planning is Crucial for Small Business Owners
Business Succession Planning May Be Easier than You Think
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think
