When it comes to estate planning there are several considerations that must be taken into account. Getting the advice of legal counsel experienced in family and business matters can make sure that the obvious pitfalls are avoided, and that your family’s assets are properly protected for future generations.
One of the most difficult tasks facing a family is ensuring that a family business will continue to run and be profitable for your family after the person who has started the business is no longer running it. Family businesses who are successfully operated by subsequent generations of the family are the exception, and the ones which do succeed have usually had competent legal help in their formation and the mechanisms put in place by the founder and the founder’s legal counsel.
A businessman who does not consult a qualified attorney in these matters are not doing themselves or their family’s business any good – they are in essence leaving the business’ future operations to chance.
It is great if a member of the family is qualified and motivated to operate the business, but as stated above this is not always the case. And even if members of the family are motivated and qualified, it is not a smart idea to leave all decision making and all of the financial responsibility in the hands of one or two people.
This is where the presence of a family attorney can prove invaluable – they can make sure that systems are properly set up so that too much responsibility does not lie in a single set of hands. Setting up these kinds of controls on a family business greatly lessons the possibility of a single person, or two people in some cases having the ability to make poor decisions or worse embark on immoral or illegal behavior which can destroy a family business, and destroy with it a family’s wealth and inheritance.
In the same way, other family assets can be protected through trusts and smart estate planning that can ensure that your wealth is protected for future generations of your family. The larger your estate is, the more important this is. Simply splitting an estate evenly between heirs is often unsuccessful because different people handle money and wealth in different ways.
A properly planned estate takes this into account. With a well-designed trust you can ensure your children’s well-being and comfort and at the same time make sure that their ability to make bad decisions and squander the estate are greatly reduced.
This does not mean that you do not trust your children – it is instead an effective way of ensuring that your family’s wealth ensures the well-being of successive generations. To get help making sure your estate is properly managed, contact a Charlotte NC Attorney with experience in family law and estate planning, and help protect your family’s future well-being.
Make sure your estate can stand the test of time with a qualified Charlotte NC Attorney – contact us today for more information.