A lot of people think that estate planning is all about the creation of a will or trust to facilitate asset transfers when the time comes. This is definitely a large part of the equation, but a well-constructed estate plan will also address end-of-life issues. People often do not pass away after being perfectly capable of communicating sound decisions up until the end. You should certainly account for this when you are developing your estate plan. Advance directives for health care will be … [Read more...] about The Importance of Advance Directives for Health Care
Small Business Succession Planning
Succession planning for small business partners can often be facilitated with a buy sell agreement. The best way to explain the value of this type of an agreement is to provide a simple example. Let’s say that you have one business partner, and the business has been successful over the years. Your share in the business is your most valuable asset. What would happen in the event of the death of you or your partner? If you were to predecease the co-owner, your heir or heirs would own your share … [Read more...] about Small Business Succession Planning
