FAMILY BUSINESS TRANSITION

Is the Family Business Transition Planned for? Statistics show that a business owner may average more than 900,000 hours in the creation and running of the business, and yet spend less than 4 hours on planning its transition. The business owner may be so solely focused on the running of the business that they have... [Read More]

The Family Business – Statistics, Structure and Unique Estate Planning Issues

This blog follows up our last blog regarding families and their transitions of assets and businesses. Sometimes those families are famously like the J. Paul Getty family or the Biltmore Estate Cecil family. Sometimes it is the family down the street with the dry cleaning store on the corner. In this blog we explore how... [Read More]

Succession: Getty and the Biltmore Estate

Estate planning often involves business succession planning as well.  Parents create a business that grows over time, employs many people and becomes part of the local culture and in some cases, expands into the region or country or even worldwide.  While we often think of the personal inheritances and personal assets in estate planning, when... [Read More]

Family Conflict in Estate Planning: Who’s in control?

Part 2 of our Series Sources of Family Conflict in Estate Planning Last week we wrote about Sibling Rivalry as one of the sources of family conflict in estate planning. To read that post, click here.  This week we discuss another source – deciding who is in charge.  When you create your estate plan there... [Read More]

Part 2: For richer or poorer: financial vows

“For richer or poorer…” those infamous four words that have been repeated in many spousal arguments and probably in many divorces as well.  At the time we say them, we wish to give our partner and our children or future children, everything we have. However, when it comes to designating your financial helpers, one should... [Read More]

Part 1: In sickness and in health: healthcare vows

Healthcare Authorities: different from marriage vows Everyone knows the traditional marriage vows and the portion “for better for worse, for richer for poorer, in sickness and in health,” the words to indicate to your partner that you will be there through thick and thin. When people prepare their Estate Planning documents, they often name each... [Read More]

Change of Seasons

Beautiful colorful leaves are still hanging on many trees. Days and nights are cooler. It has been raining here in Western North Carolina. The lights of the day are shorter. Even on the clock, we have “fallen back” one hour. Fall is definitely here. The long warm days of summer with the bright green leaves... [Read More]

Lamar Odum has no Advanced Directives and an Almost Ex-Wife making the Decisions

Former NBA player Lamar Odum remains hospitalized and has come off of life support after a drug overdose. He was in a coma for 3 days. He remains on dialysis. He has no Advanced Directives – Healthcare Power of Attorney, Living Wills or Healthcare Designation. Further, he is still married to a Reality TV personality... [Read More]

Strange Days

It’s been confirmed that Russian military rockets were used to shoot down a commercial airliner over Ukraine this past summer. Russian troops, including heavy weapons and fighter jets are in Syria working on behalf of Assad and his brutal regime. Playboy will stop publishing nude photos. Anheuser-Busch bought Miller Beer. Strange days. Few people could... [Read More]

More Storms of Life

We in North and South Carolina just went through heavy Storms, including heavy rains, over the past several days. Here in Western North Carolina we have been having rain off and on for more than ten (10) days. That was followed by very heavy rain over this past weekend. This rain has led to rivers... [Read More]