Recently, the Wealth Management.com published some tips on succession planning in an article titled “Succession Planning for Family Businesses.“
The tips include:
- Keep compensation for being a part of the business and any inheritance separate, making sure younger family members are invested in the business.
- Train younger family members how to run the business and teach them about financial responsibility at the same time.
- Communicate your succession plan clearly, but keep it flexible enough so it can change when circumstances change.
If you have questions about making a succession plan part of your estate planning process, talk to an experienced estate planning attorney about it.
