Striking a Balance in Your Estate Planning

In this blog video, Wayne answers an estate planning question from a blog subscriber. Please share your comments below.

Please click here to download the transcript.

  1. I agree that too often business owners get fed tactical advice that ignores the strategic goals of the client, the family and the business. This leads to the situation you described, that is where the tactic (such as discounting through lack of control via a FLP) ends up preventing clients from reaching their goal (which might involve obtaining needed growth capital through commercial bank, venture or private equity financing that requires unified control over the business).
    However, the solution is not for the clients to be content with “business as usual” processes and leadership (even though those are the easiest, and most comfortable, solution). The solution is to also generate alternative strategies that can be applied if events warrant them, and communicate those strategies to the stakeholders involved.
    In other words, be ready to move since first-movers may not always win but last-movers always lose.

    • Thank you, Matt!

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