Careful planning needed for transition of family businesses

On April 26, 2013

Statistics compiled by the Institute of Family-Owned Businesses paint a grim picture of the reality these businesses face when it comes to inheritance. Most do not survive passage from the first to the second generation, and 70 percent fail during the second generation. The numbers get worse with each successive transfer of ownership and power. Of all family-owned businesses, 97 percent either close or transition outside the family by the fourth generation. Estate planning can go a long way toward…
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Estate planning is a key part of retirement

On April 19, 2013

Colorado residents expecting to retire in the next year should start planning for it. Retirement is something many individuals spend much of their lives looking forward to, but for people to be able to enjoy it, they should prepare accordingly. To ensure that retirement is relatively free of stress and that one’s future is taken care of, they should get their finances and estate planning documents in order. One of the things that people should think about as their retirement…
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Shifting perspectives on handling inheritance funds

On April 10, 2013

Colorado residents who receive an inheritance may react in a variety of ways. While most happily take the funds, enjoy a portion, buy a home, pay off debt and plan for the future, others feel burdened by the responsibilities accompanying owning such wealth. Still others decide they will give the money away when they’re young. Whether or not one considers the subset of inheritors known as “progressive inheritors” to be wise or naive, however, the fact stands that their numbers…
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Why people shouldn’t put off estate planning

On April 5, 2013

Many who live in Colorado feel that they do not need to worry about having a will. Most think they do not have enough money or are too young to need to think about estate planning. However, estate planning is essential, and people who already have documents in place should also be sure to review and update them on a regular basis. One of the main arguments that individuals who do not have wills use is that they do not…
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