Russ Cook & Associates, PC

Estate Planning Archives

Helpful steps in creating a succession plan

For many business owners, the most important issue to resolve in a business is how to keep it profitable. After all, making money is the primary goal. However, the biggest question confronting business owners is commonly an unresolved one: how to pass the business on when the owner wants to retire or is unable to run it. Many business owners may avoid this question because of its difficulty.

You can create a trust to manage your adult child's inheritance

As a parent, you want to provide for your child, even when he or she is an adult. When creating an estate plan, it is important to analyze your child's strengths and weaknesses, and take a long hard look at your child's ability to manage money. If you have a large estate and your son or daughter has an unhealthy relationship with spending, establishing a trust may be in your family's best interest.

How entertainers can benefit from estate planning

Celebrities and entertainers are often their own primary source of income. They are the brand. Superstars like Prince and Jerry Garcia had to step out on stage for there to be a concert and their creative genius paved the way for new music. When an entertainer passes, what's left behind is a legacy, body of work, and accumulated assets that can be left to family and loved ones.

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