One of the most difficult things for a family to deal with after the death of a loved one is sorting through the endless paperwork needed to get the estate in order. It is important that your documents are in order to ensure prompt payout on any life insurance policies. By creating a "family file" that contains all of the important documents needed in the event of your death, you can make an already painful process a little bit easier for your loved ones.
Succession Planning: 3 Emotional and Logical Roadblocks to Overcome
By Richard M. Ornstein, CPA, CGMA
Succession planning is a process that every business owner thinks about, however, identifying and developing new leaders is easier said than done. According to Business Enterprise Institute's 2016 Business Owner Survey Report,
79 percent of business owners plan to exit their business in the next ten years,
38 percent have not taken any steps toward their exits,
80 percent of business owners associate a successful exit to good planning, yet
68 percent of these same owners have placed exit planning as a low priority, compared to other current business needs.