By Jeffrey R. Wolfe, Vice President and Manager, Wealth Planning Strategies

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Perhaps one of the most difficult, and consequently most overlooked, issues for financial planning involves sharing plans with loved ones.  Whether it’s the older generation wanting to share details of what the younger generation may inherit, or if it’s a younger generation concerned about the care and needs of the senior generation, these discussions can be very difficult.

The difficulty and complexity of these conversations can go up exponentially when a family business is involved.  Figuring out the long term goals of the business, whether it be to pass it to the next generation, sell it, or something in between, can take years to develop.  Failing to share those planning goals with the next generation can be disastrous.

To help business owners look at potential succession planning, consider reviewing the article: Business Succession Planning: A Business Owner’s Introduction.  This article introduces several potential planning techniques for transitioning the business.

As you come up with the business succession plan, there’s also the concern about sharing that plan.  Moreover, you should probably consider discussing your overall estate planning goals.  Consider the techniques in the article:  Conducting a Family Meeting About Finances to help with ways to discuss these planning concerns with your loved ones.

Perhaps the only thing harder than creating a successful business venture is the eventual succession of that business to the next generation.  By working in coordination with your Benjamin F. Edwards financial advisor, your tax and legal advisors, and your loved ones, you can potentially achieve your planning goals for now and the future.