Many family businesses fail shortly after the transition to the next generation. Often, this failure is traced back to ineffective succession planning. So what should you do to plan for the future of your family and your company? Below are three tips that can help at...
Many people have no idea what is in their parent’s estate plan until they pass and they get to read it. Renowned investor Warren Buffet thinks this is a mistake. Here is why he believes parents should share their estate plans with their children before they even sign...
Being chosen as an executor of a loved one's estate is both a profound responsibility and a testament to their trust in you. This role places you at the center of probate, a complex, court-supervised process of settling an estate upon an individual's passing. As an...
The best way to disinherit an heir or beneficiary is simply to note in your will that you are removing them from the estate plan and do not want them to receive anything. If you make this very clear, it lowers the odds of an estate dispute. It informs your estate...
Many estate disputes involve financial or high-value assets, such as a business, a home or an investment portfolio. These disputes often arise among beneficiaries who want to ensure they receive their fair share. For example, if a parent leaves a family home to...
If a testator (someone who drafts a will) wishes to name you as their estate's executor, you should obtain adequate information before accepting the role. It's vital to ask them questions about your expected duties and their estate. Below are four questions to ask: 1....
There are many ways for a business to expand, and a merger is one popular route. A merger involves two companies combining to form a new single entity. Often, a larger business will buy a smaller company. While mergers are not guaranteed to work, they can bring...
Creating a will might not seem like a priority, but it is essential for individuals who want to protect their loved ones and ensure their final wishes are honored. Below are several reasons why having a will in Minnesota can make all the difference. 1. Ensure your...
While you make your estate plan, you will probably carefully consider the beneficiaries that you want to name in your will. You’ve spent your life saving up a substantial amount of money, and it’s time to divide it among your family members. As you do this, though,...
Being asked to serve as a personal representative, also commonly referred to as an executor or estate administrator, for someone’s estate is both an honor and a significant responsibility. This role involves managing and distributing the deceased person’s assets...