Financial Planning Q 'n A

How do get my children involved in my business without losing control?

There are always competing interests when transferring a family business to the next generation. Tax minimization, control, estate equalization and family harmony are often in conflict with one another. A significant amount of time should be spent with your lawyer and accountant devising an estate plan which comes closest to meeting your conflicting objectives. More than likely there will be give and take on the various interests. Options include outright sales, gifting and the use of trusts to perform the transfer. Wills being properly documented are also very important.