When you die, how much money do you want to have to pay lawyers to wrangle the complications of your estate? How about the IRS—how much of your life’s work would you like to hand over to them? And if given the choice, would you prefer a smooth and responsible transfer of wealth to your family, or a difficult, bloody-knuckle battle? These questions may have obvious answers, but less obvious is how you get there. Today, we’ll look at some ways you can consider balancing your estate so your money goes where you want, not where others tell you it needs to go.
Planning for Your Legacy
Being a successful business owner can be lucrative for you and your family. Eventually, you’ll need to consider what happens to your legacy. Without a plan, phantom costs—like taxes you didn’t know about or legal fees—can have negative effects on your legacy, your wealth, and your family’s lifestyle. Because without guidelines, outside forces may tr