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Well, this is one of our real specialties as we’ve been in business some years and have had a lot of experience dealing with blended families and business owners. They tend to go hand in hand because you have a type A personality person who is normally the business owner and they want to experience life to the fullest and certainly do, and sometimes this is difficult on a marriage. So frequently you’re gonna have more than one family groups in this estate plan for this business and generally the people are older, so generally these people, the children are older than normal and they have their own families, frequently. And so this is a real complicated circumstance to try to give that business owner the peace of mind that his estate is going to be run properly, or her, that her estate will be run properly by the fiduciaries that we’ve talked about.
So, a business owner wants to see the plan start during their lifetime and shepherd it for a period of time and then in the event of a passing then it be distributed to the families with the right people in charge. That’s very important. It’s a real complicated situation ’cause you’re dealing with people’s emotions and feelings as well as with the financial numbers and tax laws. So you have to take in many layers of thoughts in order to achieve a plan that they will have peace of mind.
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Spring, TX estate planning & probate lawyer Michael C. Riddle talks about the types of business planning services his firm provides.