Estate Planning For People With Family-Owned Businesses
We do the estate planning work that 90% of estate planning attorneys do 90% of the time. Many of our clients are middle-aged business owners who are looking at a future retirement and wrestling with the legacy challenges presented by a family-owned business. Those situations offer a number of unique challenges because it is common to see one or two adult children involved in the business and one or two adult children of the family that are not involved in the business at all. We help our clients sort out how they want to address that in the context in their entire estate plan including the possibility of disproportionate gifts to the two classes of children or providing correspondingly disproportionate gifts of the non-business assets in order to achieve their overall estate planning goals.
Addressing The Issue Of Strained Family Relations In Estate Planning
Other clients have equally challenging situations to address. Those challenges may present in the form of blended families, broken relationships within the family, or adult children who have demonstrated vastly different abilities to appropriately manage money. It may present in the form of minor children who need to be cared for through their teenage and college years. It may present in the form of different schools of thought regarding whether and how to make provisions for grandchildren, some of whom have not yet been born.
In all of these situations, we advise our clients that there is no one right answer for all families. There is only the answers that are most right for your family, in light of all of the complexities and peculiarities that exist in your family. We take the time necessary to talk through those situations and to help our clients make informed, thoughtful decisions on the legacy they want to leave. We draw on a wealth of real- life experiences to help our clients chart the course that is best for them.
For Help With Estate Planning, Contact O'Brien Law Offices, P.C. Today
The death rate is still hovering right at 100%. Each of us will die. The impact we have after our passing and how easily our affairs can be administered after death are greatly influenced by the creation of well-drafted, comprehensive estate planning documents. To set up an initial consultation to discuss planning for the future of your family, call 630-871-9400 or fill out my online contact form.