In a recent WSJ Wealth Advisor article, the case of a California-based owner of a pizza franchise and a strip mall is discussed. The advisor, called on for estate planning help, showed the client that it would not be productive to plan to equally divide all his assets among his three children. Instead, a plan was created to give the oldest son, who was running the business, eventual control of it. The other siblings, who weren’t involved in the business, would get more of their father’s personal assets such as the family home. This simple idea was used in this case to accomplish wealth transfer, ensure continuation of a family business, promote family harmony and preserve the client’s legacy.
MWR
