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.

Philip J. Kavesh
Helping clients with customized estate planning guidance and trust & estate administration for over 44 years.
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