You’ve worked hard to expand the family business in San Mateo, California, after you took over the reins from your father, who decided to retire a few years ago. Now, you’re reaching the point in life when you’re beginning to accumulate assets and you have family responsibilities. Isn’t it time to put a multi-generational estate plan in place?
The importance of a solid multi-generational estate plan cannot be overestimated. Do you really want the California courts deciding who gets what from your estate and where your children will live based on the California Probate Code? Don’t you prefer a succession plan to be in place to ensure that the family business you’ve devoted your life to will continue to succeed after you’re gone?
Perhaps it’s an unpleasant topic of discussion for some, but the impact of not having an estate plan can have dire consequences. Here are some factors to consider when thinking about a multi-generational estate plan:
If you are an unmarried parent, who will get custody of your children?
If you are in a non-traditional family relationship, how do you plan under the California statutes for the well-being of your partner?
What’s the best way to plan for the long-term growth of your business to keep it solvent, debt-free and successful?
Who will be responsible for your parents and pay for their care if they become incapacitated and unable to fend for themselves?
It may not be easy for some people to even think about a multi-generational estate plan. So, seek the help of a California attorney experienced in creating multi-generational wills and trusts. Make the investment in time now to discuss your situation with a knowledgeable lawyer. It can pay huge dividends later on should an unexpected life-altering event occur.
Posted in Estate Planning | Tagged estate plans, growth of business, multi-generational, non-traditional family, probate, trusts, wills