trusts Archives - Page 2 of 2 - Lowthorp Richards

Family-Owned Business Exit Planning: A Strategic Guide for Succession

March 13, 2024March 11, 2024 by socialspice20

Father and Son navigating family transition in exit planning

Family-owned business exit planning is like making a gameplan for the future. It’s all about figuring out how to pass on ownership and management of the business to the next generation or an appropriate party while making sure it stays successful in the long run. Some of the key components to exit planning include goal setting, financial planning, legal and tax analysis, continuity planning, and succession planning. These steps can be simple or intricate, depending on your style and comfort level, and could involve professional advisors if there are skills that you need to gain in your background. At a minimum, core values and a mission statement should be contemplated.

There are unique challenges where a business is family-owned, or several members of the family are involved in operations. There may be sensitive family dynamics or conflicting interests. There may be obstacles stemming from legal structures to practical considerations. Expect the unexpected in situations where formal rules and record-keeping are eschewed.

Exit Planning: The Business Owner’s Guide to Transitioning on Their Own Terms

February 26, 2024February 26, 2024 by socialspice20

Operations, strategy and planning, financial management, marketing and sales, human resources, and risk management occupy the minds and agendas of successful business owners year after year, decade after decade. The steps it takes to transition away from a business are alien to these, are complex, and vary greatly depending on the circumstances of the business and the owners. Where demanding circumstances are present in the business’s life cycle, exit planning is challenging at best. It is next to impossible to tear oneself away from the rigors of running the business and sustaining growth to deal with transition issues.

Understanding a Living Will and It’s Importance: The Distinction from Durable Power of Attorney

February 5, 2024February 5, 2024 by socialspice20

Living wills and durable power of attorney are both legal instruments that your attorney can incorporate with your estate plan to help you make end-of-life decisions, which are choices and actions that individuals make or that are made on their behalf when they are facing terminal illness, critical medical conditions, or the end stages of life. These decisions often involve medical, ethical, and emotional considerations.

Estate Planning Tools Used with a Trust

January 22, 2024January 22, 2024 by socialspice20

white paper with the words "Estate Planning" printed on it. And a pen and glasses resting on the paper

Estate planning is vital for managing your assets, securing your legacy, and providing for the well-being of your loved ones after your passing. For many people, the core legal instrument in their estate plan is the trust. In addition to the trust, the use of several estate planning tools provide benefits. Those include power of attorney, pour-over wills, beneficiary and guardianship designations, advanced healthcare directives, and at a more advanced level for high net worth estates, family limited partnerships, family limited liability companies, qualified personal residence trusts, and generation-skipping trusts.

Planning for the Future- How a Trust Can Protect Your Child’s Inheritance

January 8, 2024January 8, 2024 by socialspice20

Parent giving a child a key to symbolize a trust

In most cultures and families, leaving an inheritance is a way to support future generations, offer financial stability, and potentially ease their path in life. Some families may prioritize charitable giving or other causes over providing a large inheritance. Of course, the significance of providing an inheritance for your child can vary based on individual beliefs, values, and circumstances. If protecting your child’s inheritance is something you feel is essential, you are in the right place to find help to begin planning your trust!

The Ultimate End of the Year Estate Planning Checklist

December 12, 2023December 12, 2023 by socialspice20

End of the Year Estate Planning Checklist

Did anything change in your professional or personal life this year? If not, that may be a good thing, especially if you have achieved your goals and are set up for retirement. If you experienced changes, including family changes, career shifts, or laws change, a yearly estate plan review is crucial to ensure that your plans remain aligned with your current situation and goals. It will also take advantage of law changes that benefit you: this might include favorable tax treatment or protection when headwinds appear. In this post, we will look at several elements that should be part of your end of the year estate planning checklist. Some of these are actions that you can take without financial or legal professionals, and some require expertise.