Three Ways to Transfer the Family Business

I’ve had clients who have had to deal with business succession issues and so I invite John L. Wong to provide some insight into what business succession planning is and why business owners should think about it.   As an Orange County Estate Planning Attorney, many of my clients own some form of small business. One of the first questions I ask is: “What’s going to happen to your business when you retire or pass away?” There are two very common responses: I’m going to transfer the business to my children; or I’m going to sell the business. I could certainly go through a bunch of hypotheticals to poke holes in these two responses, but often times, if the question was phrased differently, the issue becomes much clearer. “What would happen to your business if you died today?” After some reflection, common responses are: The business would fail; The business would be taken over by an employee. So how do ensure your business is transferred under the first set of scenarios instead of the second set? How do you ensure … Continue reading

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5 Things A New Parent or Young Family Should Consider

There is a baby boom among my friends and family.  As we discuss pregnancy and new births, I noticed that conversations with new parents often oscillate between elation and anxiety, especially for first-time parents.  Along with the joy of bringing a new life into this world comes the immense responsibility of caring for and raising this other person who is totally dependent on you. In response to a personal request from a college friend who is expecting, below is a list of 5 things new parents or young families should consider to ease their anxiety and plan for the care of their little ones should something unexpected happen. 1.  Will It is extremely difficult to confront our mortality and make contingency plans for our death.  However, when you have young children, it is essential to face those fears and plan for your children’s future should something happen to you. Contrary to popular belief, a will does not only provide your wishes and instructions regarding who gets your house, furniture, jewelry, and antique book collection should something happen to you. A … Continue reading

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